LEGACY PLANNING

Give a Gift That Lasts More Than a Lifetime


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Planned giving involves making charitable gifts now or after your lifetime that sustain the Ronald McDonald House and provide you with added financial benefits

Planned gifts are sometimes referred to as “stop-and-think” gifts because they require some planning and often help from your professional advisers. Unlike cash donations, planned gifts can provide you with different kinds of tax savings and financial planning benefits. By making a “Legacy Gift”, you can ensure that families will receive the help they need at the Ronald McDonald House for years to come. And the truth is, even people of modest means can make a difference through planned giving.

By adding this bequest language to your will, you can leave a legacy gift to Ronald McDonald House Charities Tampa Bay:

“I, [name], of [city, state ZIP], give, devise and bequeath to Ronald McDonald House Charities Tampa Bay, [written amount or percentage of the estate or description of property] for its unrestricted use and purpose.”

To start your own Legacy Gift, just click here:  http://www.rmhcpghome.org/Tampabay

Five Ways to Plan for Your Financial Year End

Before the year end sneaks up on you, take the time now to plan ahead for your financial year-end by using these tips:

  1. Take your required distribution, or elect to donate it to charity
    If you’re 70 ½ or older, you’re required to take a minimum distribution from your IRAs. If you do not take your distribution, you could face steep penalties. To avoid these fees, you can either take the required distribution or you can elect to have the distribution donated to a charity like Ronald McDonald House Charities Tampa Bay (RMHCTB). When you elect to donate your IRA distribution, you may be able to avoid paying taxes on that amount AND help pediatric families staying at our four local Houses.
  2. Check your beneficiary designations
    It’s always good practice to check the beneficiary designations on your retirement accounts, life insurance policies, TOD accounts, and any other accounts that have a designated beneficiary at least once per year to ensure that they are up to date. If you have any accounts without designated beneficiaries or want to change a designation, consider naming a charity like RMHCTB as the beneficiary to help sustain important programs like the Ronald McDonald House in the future.
  3. Review your health insurance information and accounts
    Take a closer look at how you used your health insurance this year and see if you need to make any changes. Late fall is typically open enrollment for large companies and for government health insurance programs like Medicare and healthcare.gov, so now is time to make any necessary changes. Also, if applicable, check your flexible spending account (such as a health savings account, or HSA) to make sure that you do not lose any of that pretax money. You may be able to roll over a certain amount, but now is the time to double check and avoid unnecessary loses there.
  4. Max out your 401(k) or 403(b)
    If you’re anticipating a large tax bill come spring, you can reduce your taxable income and avoid some of those federal income taxes by contributing the maximum amount permitted to your 401(k) or 403(b). The limit for annual contributions for anyone under 50 years of age is $17,500 and $23,000 for those 50 and older. Check your total to-date and scheduled contributions for the year; if you have not reached the limit, you could save more for retirement and reduce your tax liability by making another contribution before the year end.
  5. Consider making a charitable donation
    By supporting a charity like RMHCTB with a monetary donation, you can take advantage of the charitable contribution deduction and reduce your federal income taxes. In addition, the year end is a great time to consider a donation of appreciated securities to avoid heavy capital gains taxes. Beyond the tax benefits, when you donate to the Ronald McDonald House you’ll also receive the satisfaction of knowing you’re making a big difference in the lives of hospitalized children and their families. That’s what we like to call a win-win!

We always recommend that you contact your financial advisor or tax professional to see if these steps are right for you. For more information on this or other ways to support families at RMHCTB, contact Lisa Suprenand, COO at 727-767-7687.