WHAT UNITED WAY IS DOING TO HELP
United Way of Santa Barbara County is a leader in times of disaster and crisis.
Learn about what United Way and community partners are doing to assist those impacted by COVID-19 at https://www.unitedwaysb.org/covid19
United Way of Santa Barbara County continues to move forward with important work. In the midst of all that is going on, many of our friends and supporters are looking forward to the future when they can enjoy community with friends and resume their regular activities.
In response to the current situation, Congress recently enacted several tax law changes. We have created this page to offer resources to help you with your tax planning and to offer some ideas for you to consider if you are thinking about making a gift in support of United Way during this time:
This recently passed law includes several charitable tax provisions to encourage giving. These include:
If you have a Donor Advised Fund (DAF) and wish to help United Way this year, you can make a gift from your DAF to support our work without affecting your personal financial security.
If you are concerned about your financial security given the ups and downs of the stock market,
you may want to consider making a gift to fund a charitable gift annuity. You might be
surprised by the benefits. You can exchange your low-performing stock, CDs or cash for
guaranteed, lifetime fixed payments. If you make a gift of an appreciated asset, you will not
have to pay capital gains when you fund the annuity. You may also benefit from a tax deduction
this year and a portion of your payments could be tax-free.
If you have already made a gift to support United Way and your gift is restricted to a particular project or purpose, you can choose to remove your gift restriction and instead have your gift be unrestricted.
Removing a gift restriction will give us flexibility to put your gift to meet critical needs and it doesn't require any additional gift from you.
In December, Congress passed the SECURE Act, limiting stretch payments to IRA beneficiaries to 10 years. If you planned to benefit your children with your IRA, your heirs will now pay higher taxes on the inheritance they receive from you. When you revisit your estate plan, consider funding a testamentary charitable remainder unitrust with your IRA balance. This plan can provide lifetime payments to your heirs and spread out the taxes on their inheritance.
Always United E-news provides opportunities for donors who are at or near retirement and wish to continue their relationship with United Way. We feature estate planning information and also include news from Washington, Savvy Living tips, volunteer opportunities and other timely articles.
If you are interested in learning more about any of these ideas, please contact us. Please also let us know how we can help you during this time.