- Category: Gifts
- Last Updated: Thursday, 07 January 2016 17:39
- Published: Tuesday, 27 September 2011 08:36
- Hits: 1204
by Gabrielle J. White, Attorney at Law
Making a donation to the Springfield Botanical Gardens at Nathanael Greene/Close Memorial Park, via Friends of the Garden, helps achieve the plans that have been so painstakingly developed to bring the botanical gardens vision to the residents of Springfield and Greene County, now and into the future.
What to get your mother, husband, sister or in-law who has everything? You can give them a gift membership in the Friends of the Garden in their honor for a small fee ($35.00) and they will receive the newsletter and other great benefits. But what you may not have thought about is a donation in honor of someone’s wedding, anniversary, graduation, retirement or other momentous occasion. Funds to run the day-to-day work of the garden are always appreciated and help to pay for the daily necessities that are present in any project of this size.
If you would like to make a more substantial gift to the Friends of the Garden and the botanical gardens, you should consider annual gifts to the Friends of the Garden. In 2016, you may give up to $14,000.00 per year, per doanee without the necessity of filing a federal 709 gift tax return. A husband and wife can join together and raise the exclusion to $28,000, even if only one owns the transferred property, through a concept called "gift splitting".
Another wonderful way to make a lasting contribution to the community, Friends of the Garden and to the botanical gardens is though the use of a testamentary gift in a Last Will and Testament, a specific devise in your revocable Trust Agreement or a gift from a family foundation. Gifts like these allow the Friends of the Garden to build an endowment which can provide operating funds now and far into the future.
If you or your family has land or another asset that cannot be sold without incurring significant tax penalties, you should consider a Charitable Lead Trust or Charitable Remainder Trust. These kinds of estate planning tools allow the family to donate the property to the Charitable Trust, take an income tax deduction in the year the donation was made, and the Trustee can sell the property without the unfavorable capital gains tax. The family retains a right to payment of a percentage for the life of the Donor and the Friends of the Garden receive the benefit at the death of the Donor(s). While somewhat more complicated, in the right situation this can be an enormous help to both a family and to the charitable group.
Qualified Charitable IRA Distributions
Congress passed new legislation late in 2015 that makes the Qualified Charitable Distribution rollover a permanent part of the tax code available to those over 70 1/2. The Qualified Charitable Distribution rollover allows up to $100,000.00 in otherwise taxable IRA distributions to be directed to a charity and the IRA owner can exclude the mandatory distribution from inclusion in gross income for the year. There are specific rules that apply, so please consult your tax professional for further information prior to contacting your IRA custodian to answer any questions.
Just like the actual gardens that Friends of the Garden creates and tends for the community, you can plant the gift of sustaining funds to ensure that this public garden has the support it needs to continue to grow and thrive.
Make checks payable and mail to Friends of the Garden, P.O.Box 8566, Springfield, MO, 65801 or use our street address, 2400 S. Scenic Ave., Springfield, MO, 65810
If you are considering any tax or estate planning strategies discussed here you should consult with a tax and/or legal professional prior to making any gifts or changes to your estate plan.