You can reduce your taxes while helping to create a world where all LGBTQ people live freely and fully — forever. Here are some of the types of gifts that may reduce your taxes while creating your Legacy of Pride.
You can donate appreciated real estate, such as a home, vacation property, undeveloped land, farmland, or commercial property. Such gifts can be among the most generous that people can leave to Horizons and make a tremendous difference in the foundation’s capacity to respond to our community’s greatest needs.You can leave this generous gift while you continue to use the property throughout your lifetime — called a “life estate” — and you may receive a significant tax deduction for your gift during your lifetime.
Stocks, bonds, and mutual funds that have appreciated in value are among the best ways to give. You may receive a charitable income tax deduction for the full market value of the stock (up to a maximum of 30% of your adjusted gross income) and avoid paying the capital gains tax on any increase in the value of the stock. You can make this type of gift here.
Life Insurance Policy
If you have a life insurance policy that you no longer need, you can use it to reduce your taxes and create a legacy gift for Horizons to secure our community's future for generations to come. When you transfer ownership of the policy to Horizons during your lifetime, you may receive an immediate tax deduction. Or by naming us as a beneficiary, your estate will receive a charitable deduction, which may reduce your estate taxes.
Charitable Lead Trust
A charitable lead trust, or CLT, is an irrevocable trust that would support Horizons for a period of time, with the remaining assets eventually going to family or other beneficiaries. It is a way of making a gift to Horizons that reduces your gift and estate taxes, benefits our community over a period of years, and also allows you or your loved ones to receive the assets at a time of your choosing.
There are two ways charitable lead trusts make payments:
When you redeem savings bonds, you or the person you leave your bonds to will owe income tax on the appreciation. You can eliminate the income tax on bonds you own that have stopped earning interest and that you plan to redeem. Because Horizons is tax-exempt, 100 percent of your gift of savings bonds will support our mission.
Closely Held Business Interests
You can create an effective legacy gift with donations of business interests such as stock in a closely held corporation, S-corporation stock, and shares in a professional corporation. When you make this gift, you receive a charitable income tax deduction for the full fair market value of the shares without capital gains liability. You can even use the shares to fund a legacy gift that will pay you income for life.
Tangible Personal Property
You can fund a gift for Horizons by transferring paintings, antiques, collectibles, automobiles, or other items of personal property. You receive an immediate tax deduction for the appraised value of your gift and avoid capital gains tax (if your gift satisfies the related use requirements of the IRS). You can even use your gift of personal property to fund a legacy gift that will pay you income for life.
A donation of cash is the most direct way to create your Legacy of Pride with Horizons. You benefit from a charitable tax credit while you have an immediate impact on the present and future of the LGBTQ movement in the Bay Area and beyond. You can make your gift online with our secure online donation form or by sending a check or money order by mail to:
550 Montgomery Street, Suite 700
San Francisco CA 94111
If you are sending a check or money order, please let us know if you would like your gift to be used for a specific purpose.
Sign up to receive complimentary legacy resources.
Notify us of your legacy gift to unlock an additional $1,000 contribution.
Thanks to a generous challenge match from Hon. James Hormel and Michael Nguyen, your legacy gift will trigger an immediate $1,000 gift that will help power Horizons' work today, including our ongoing response to the COVID-19 pandemic. Don't miss the opportunity to have an additional gift made in your name!
Questions? Want to set up a time to talk?
DIRECTOR OF PHILANTHROPIC SERVICES
(415) 398-2333 x121
This information is not intended as legal, accounting, or other professional advice. For assistance in charitable giving, always engage the services of a qualified professional.