It’s hard to believe that we are reaching the end of 2022 — which was, for so many in our church and around the world, a year of both joy and sorrow, of opportunity and challenge. I hope that you and your family are closing out this year feeling grateful and fulfilled in the many ways God worked in and through you as you shared God’s love and promise with your family and community.
The ELCA Foundation often works with individuals who, during this time of reflection, have begun to think about strategies they can employ to maximize their charitable giving. While we may be facing challenges of inflation and market volatility, the ministry of the church continues, as does the generosity of those who support this work. This issue of “Insights” includes information and resources to guide you through the end of 2022 and beyond. As always, I am here to assist you if you have any questions.
Thank you, and may this season fill you and your loved ones with the hope and peace found in the wondrous birth of Jesus Christ.
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| SMART, YEAR-END CHARITABLE GIVING |
The end of the year is a time of reflection and anticipation. It’s also a time of deadlines. Here are some important charitable considerations ahead of the last day of December.
IRA Distribution
- If you are 59-1/2 or older, you can take a distribution from your Individual Retirement Account and then work with the ELCA Foundation to make a gift to an ELCA ministry without penalty. If you itemize your deductions, you can take a charitable deduction for the amount.
- If you are 70-1/2 or older, you can give any amount up to $100,000 from your IRA directly to any ELCA ministry through the ELCA Foundation. You will not pay income taxes on the transfer. If you are 72 or older, you can use this transfer to satisfy your required minimum distribution.
To do: The ELCA Foundation must receive your gift by Dec. 31 for your donation to qualify this year. If you have check-writing privileges on your IRA, please account for time in the mail stream. |
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Appreciated Stock
You may enjoy two tax benefits with a gift of appreciated stock: You can avoid paying taxes on the appreciated value and can qualify for an income tax charitable deduction based on today’s market value when you itemize.
To do: Complete all transfers by Dec. 31. This includes electronic transfer, hand-delivery of the securities or mailed stock, and stock power (mailed separately for security). |
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Donor Advised Fund
Contribute to a donor advised fund and enjoy a tax savings on that amount when you itemize.
To do: Complete the contribution by Dec. 31. You do not have to designate the funds this calendar year to receive the tax benefits. The ELCA Foundation is here to help you whether you want to explore establishing a donor-advised fund or making a gift from yours. |
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| As we approach the end of the year, we’re happy to help ensure that you realize the greatest tax benefit. Feel free to contact your regional gift planner to get started today. |
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| YOUR ESTATE PLANNING JOURNEY BEGINS HERE |
Whether you’re just beginning to think about estate planning or looking to review and confirm your plans, we’re here to help. We encourage you to explore the wide variety of resources available to you through the ELCA Foundation, many of which are now available on our newly updated website:
- Our Planning Library covers a wide array of planned giving topics, such as guides for blended families, how to develop a will, and even tips for caring for your pets.
- The Personal Estate Planning Kit includes detailed information on wills and trusts, and key terms to help you learn about important estate planning concepts.
- Our recent webinar “Planning Your Legacy” covers important planning concepts and some steps worth considering.
Ready to begin? Your regional gift planner is here to help you explore options that could make your legacy the ultimate expression of your faith. |
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| MINISTRY SPOTLIGHT: ELCA GOOD GIFTS |
| Shopping for someone who has everything they need? Shop ELCA Good Gifts and choose from 50 charitable gifts to give in honor of friends or loved ones this Christmas. From goats to water wells, there’s something for everyone on your list. Each gift makes a difference in the world and shares the love of Christ with our neighbors in need. |
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| MINISTRY GROWTH FUND |
| Designed specifically for congregations, synods, seminaries and other affiliates of the ELCA, the Ministry Growth Fund is a long-term, stable and socially responsible endowment fund that provides distributions to grow ministry, now and well into the future. Individuals may participate in the fund by opening a named endowment or donor-advised fund. Learn more.
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800-638-3522 |
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