Episcopal Diocese of Western New York

You can Give and Save on Taxes Too!

Give stocks which have gone up in price since you bought them! The tax advantage is that you do not have to report the capital gains, but you get the income tax deduction for the gift to the church.  Giving is easy.  Most people hold their securities in a broker’s account.  Ask your broker for the forms to make a gift to your church. ; The broker’s office handles the paperwork.  If you hold your own certificates, you will need to use the transfer agent to make the gift.

Give from retirement accounts:  If you are required to make a minimum annual distribution (generally for people who are age 70 ½ or older) the tax advantage is that a “charitable rollover” will qualify as part or all of the minimum annual distribution, which allows the distribution not to be taxed to you to the extent it is given to your church.

Give from your Life insurance:  This planned giving technique offers an opportunity to make present plans for a future gift without involving use of your present cash resources.  Making the church a beneficiary of an insurance policy must be done by filing paperwork with the insurance company.

Give from your will: Do you have a will?  Many people don’t think they have to have one, but it is always a good idea to take the time to plan out how you want your estate to be distributed.  While you are taking care of that business, consider making a bequest to the church.  If you already have a will, but want to add the church as a beneficiary, you can do so by a codicil.  Wills should always be drawn by your attorney to be sure the proper process is followed.

Talk with your financial advisor about these ways of giving to your church.

Download a copy of this guide for use in your parish.