2024 Year-End Giving

As the year comes to a close, philanthropy begins to take center stage as many charitable organizations ramp up their event and solicitation efforts. Their efforts cause many of us to think about our own gifting – to who, what, and when to give. Gulf Coast is dedicated to assisting you in making those types of decisions in the most efficient and impactful way. To support your planning, here are a few giving options that may be useful as you consider how to give:

Itemized or standardized deduction. Are you able to write off your charitable gifts? If not, an option might be to consolidate several years' worth of charitable contributions into one tax year through a donor-advised fund. By doing so, you would be able to itemize that gift and then over the next few years take the standardized deduction while supporting your causes via your donor-advised fund. 

Consider giving appreciated assets. Do you have assets that have appreciated over time? If so, those assets make wonderful gifts in a very efficient manner. You may avoid capital gains taxes, which allows your gift to go further in supporting the causes you care about and keep your cash. A great strategy is to gift those assets into a donor-advised fund and double down on option one.   

Give smart through an IRA charitable rollover. Are you paying taxes on unwanted distributions from your IRA? If so, and you’re 70 ½ or older, an IRA charitable rollover (up to $105,000 per year) is a great way to make a direct impact. Rather than taking your required minimum distribution (RMD), you can send funds straight to Gulf Coast, bypass income taxes on the distribution, and see your support at work through a designated fund, scholarship, or one of our many community initiatives. 

Zero-tax gift and sale. Are you planning to liquidate an asset, such as a business or real estate? If so, before you sell, consider a “zero-tax” charitable gift and sale. By making a gift of part of the asset before the sale, you can use a tax-saving charitable deduction to significantly lower or eliminate the capital gains tax on the sale of that asset. This option provides maximum impact for causes near and dear to your heart.       

Together, we can achieve more. Partner with Gulf Coast in addressing our region’s most pressing challenges by supporting one of our data-driven initiatives or projects. You can direct your gift to a specific fund, an initiative, or the area of greatest need. Together, we can transform our community.

You can give through your donor-advised fund, IRA rollover, or legacy plans. Our Philanthropic Advisors are here to help you create the greatest impact for the causes that matter most to you.

Learn More about Year-End Giving     Contact Your Philanthropic Advisor     Give now!