Planned Giving
If you would like more information on tax efficient giving, please fill in the below form and our finance office will get in touch with you.
One of the simplest planned gifts is a bequest through your will in which you designate a specific dollar amount or percentage of your estate after other disbursements. In addition to supporting Global Serve International, it serves as an example to your heirs of the values and ideals you hold dear. A bequest can also reduce the amount of your taxable estate, which may increase the actual amount available to loved ones.
With today’s high prices and positive economic outlook for the commodity markets, a charitable commodity gift is a timely tax-wise option. Commodities include grains, soybeans, corn and even fruits, nuts and livestock.
Benefits of Giving Commodities vs. Cash
Federal tax law makes gifts of commodities more advantageous than cash gifts for many commodity producers.
• Many producers do not have substantial itemized deductions and therefore use the standard tax deduction.
• If a producer takes the standard tax deduction, no tax benefit is gained by charitable contributions of cash.
• Cash basis, active producers may avoid federal and state income and self-employment taxes (if their gross income is less than $113,700) on their gift of commodities.
• A business deduction may be claimed for production costs, regardless of whether those costs occurred in the current year or prior years.
How it works
When you transfer legal ownership of a commodity to Global Serve International before it is sold, significant tax savings can be achieved. You avoid having to include the commodity gift in your income, thus reducing your income taxes. In addition, you may deduct the production costs of the commodity, such as fertilizer or irrigation, which results in saving self-employment tax, state income tax and federal income tax.
Email plannedgiving@globalserveint.org or call 518-229-1081 to begin steps for a commodity gift.
A gift of your retirement assets, such as a gift from your IRA, 401k, 403b, pension or other tax-deferred plan is an excellent way to make a gift.
Gift of retirement assets to Global Serve is accomplished by completing a beneficiary designation form provided by your retirement plan custodian designating Global Serve International as beneficiary. Global Serve International will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
Contributions of life insurance can provide a substantial gift to Global Serve International. The value of an ordinary policy at the time of the gift is tax deductible. If you continue paying the premiums, they also are deductible as charitable contributions. If a paid-up policy is given, the cost of purchasing a new paid-up policy at your current age is the value of the charitable deduction.
A gift annuity is an agreement between you and Global Serve International. In exchange for your irrevocable gift, you will receive a fixed dollar amount of income during your life and/or the life of a designated loved one. The amount you receive is determined by the size of your gift, your age and the age of your beneficiary. Your income is guaranteed, regardless of market fluctuation. A major part of your income is a tax-exempt return of principal and the income may be deferred until a later time as part of your retirement plan.
If you are 70 ½ or older, you may also be interested in a way to lower the income and taxes from your IRA withdrawals/distributions.
Benefits of an IRA Charitable Rollover:
- Avoid taxes on transfers of up to $100,000 from your IRA to Global Serve International
- Satisfy your required minimum distribution (RMD) for the year
- Reduce your taxable income, even if you do not itemize deductions
- Make a gift that is not subject to the 50% deduction limits on charitable gifts
How an IRA Charitable Rollover Works:
- Contact Don Jones at plannedgiving@globalserveint.org
- Contact your IRA plan administrator to make a gift from your IRA to Global Serve International
- Your funds will be directly transferred to Global Serve to help continue our work in Asia in accordance with the designation you make.
- Note that IRA charitable rollover gifts do not qualify for a charitable tax deduction
A gift of your securities, including stocks or bonds, is an easy way for you to make a gift. By making a gift of your appreciated securities, you can avoid paying capital gains tax that would otherwise be due.
How to make a gift of stock and bonds:
Stocks or bonds held in a brokerage account may be transferred electronically by contacting your broker and requesting that the securities be transferred to Global Serve.
The value of a charitable gift of stock is determined by taking the mean between the high and low stock prices on the date that GSI receives the shares. Mutual fund shares are valued using the closing price for the fund on the date the shares were received.
If you have any questions or wish to make a donation of appreciated of stocks and bonds contact Don Jones at plannedgiving@globalserveint.org
You can provide support to your designated staff partner for an amount and frequency (usually monthly or quarterly) that you pre-determine. Your contribution, which is eligible for a current-year tax deduction, goes into your staff partner’s support account and continues as long the staff is active with Global Serve or until you wish to change or discontinue support.
If you would like to learn more about Staff Support contact gsi@globalserveint.org
Thank you for your investment in helping communicate the Gospel.
For more information on these and other tax efficient to the ministry of Global Serve International contact:
Don Jones, CEO Emeritus and Director of Planned Giving
Email: plannedgiving@globalserveint.org
Phone: 518-229-0428
