Maximize Your Impact Through Year-End Giving

As we approach the end of 2024, there’s no better time to make a meaningful difference through your generosity. The ELCA Foundation has outlined several impactful and tax-advantaged options to support ministries close to your heart. Whether you’re considering IRA distributions, appreciated securities, or other forms of giving, these strategies can help you make the most of your resources while supporting the causes you value.

Here are a few key highlights:

• IRA Distributions: Qualified Charitable Distributions (QCDs) allow individuals aged 70½ and older to give directly from their IRA, enjoying significant tax benefits. Starting January 1, 2025, the QCD limit will increase from $105,000 to $108,000, and the one-time QCD limit for split-interest gifts will rise from $53,000 to $54,000.

• Appreciated Securities: Donating stocks or mutual funds can help reduce or even eliminate federal capital gains taxes, while potentially providing a federal income tax deduction.

• Avoiding Common Mistakes: Planning ahead and communicating your intentions ensures that your legacy is honored and your giving maximized.

For those looking to make a year-end gift of stock, it’s important to act now to meet transfer deadlines. If you’re considering a donation, start the process early to ensure your gift is completed in time to count for the 2024 tax year.

Looking ahead to 2025, the ELCA Foundation will update its procedures for stock gift processing, so be sure to contact Lisa Higginbotham for the latest guidance. Lisa is also available to help answer your questions and guide you through these giving options.

Visit the ELCA Foundation newsletter for more details and tools to calculate the benefits of your gift: Read More Here.

Together, we can make a significant impact through thoughtful giving. Reach out to Lisa Higginbotham at Lisa.Higginbotham@elca.org or (805) 910-5048 with your questions or for personalized support.