We go into their home and we teach them how to cook, budget and shop. We teach them how to launder their clothes. We teach them how to take the bus, and how to get back and forth to different things in the community.
I think personally it would give me a great feeling to know that Beth had a place she could call her home long after we were gone -- and I know that is true of other parents that we know.
The neatest thing about living in my own place is cause I love it here... I can do things on my own.
My dream was always living in a house and I got that dream, and I made that dream come true.
I really like it. This is the best place I ever lived, and my Dad was so happy when we found out about this program and found this place.
By: Mark Boujikian, CFP®
Harris Financial Advisors, Torrance, CA
We all want to make a difference and feel confident that difference is felt by both our favorite charity, and ourselves. In Part 2 of our series, we are going to look at two ways to give that help us to make the biggest impact on our charity, while also receiving the most favorable tax treatment the tax code offers to help us build wealth:
Life Insurance – 2 ways to play:
• Transferring ownership of a life insurance policy – Some individuals have life insurance policies that they no longer need. Sometimes the burden of paying those premiums is enough to let the policy lapse and save the cash. However, a donor can choose to permanently transfer ownership in that policy to a charity.
The benefits of this gift can be numerous, such as exclusion from your estate after living three years beyond the gift, and an exponentially larger gift to the charity upon your death in the form of the policy’s death benefit.
• Naming a charity as beneficiary of a life insurance policy – This is a very simple alternative to transferring ownership and requires the completion of a one‐page beneficiary designation form provided by the insurance company.
The designation of a beneficiary can be modified or revoked by you, the donor, thus giving more control than an outright transfer of ownership. This designation can also provide the charity with a very large gift in relation to the premium money spent by the donor to keep the policy in force.
Charitable Remainder Trust
• A donor creates a charitable remainder trust (CRT) and transfers property into it. The donor can then specify themselves or their designated beneficiaries to receive income for life or a term of years. You will get an immediate income‐tax deduction for a portion of your contribution to the trust based on the term you choose for your income interest. The shorter the term, the greater your deduction.
A major benefit is that the donor will not recognize any upfront capital gains tax on the sale of appreciated assets within the CRT. Gains would not be recognized until actually paid out by the trust.
This type of trust begins to make sense for larger gifts of appreciated assets such as stocks or real estate. The charitable remainder trust allows for a current income‐tax deduction, annual income to the donor based on a percentage of trust assets, the potential for the gift to the charity to grow, and the trust property being excluded from the donor’s estate. Talk about maximizing your charitable impact and your bottom line!
As with any charitable giving technique, ALWAYS consult with your financial advisor, tax advisor, estate attorney, and many times, with the charities themselves to explore your options and find out how to maximize your gift and improve your bottom line, a win/win scenario for you and your favorite charity. Stay tuned for Part 3 of our series for three more giving techniques that could even further maximize your impact, and your tax savings…
HOPE’s own wealth advisor extraordinaire, Mark Boujikian, will be a guest on The Kathy Lee Parker Show on 8/12 @ 5:00 pm. You are welcome to call-in “LIVE” to talk on the air @ 1-323-203-0815 or log into http://www.latalkradio.com/Kathy.php
We’re lucky that Mark is available at any time to personally talk with our HOPE donors, and potential donors, about gift vehicles that can maximize your charitable giving while reaping some great tax benefits, and maybe even drawing income.
Call us at HOPE to make an appointment to chat with us about your legacy planning, and ways that you can maximize your charitable giving while making an important difference in our community. . Our phone # is (310) 543-0121 or you can click on the Contact Us page under the About Us tab above.
By: Mark Boujikian, CFP®
Harris Financial Advisors, Torrance, CA
We all want to make a difference and feel confident that difference is felt by both our favorite charity, and ourselves. In Part 1 of our series, we are going to look at two ways to give that help us to make the biggest impact on our charity, while also receiving the most favorable tax treatment the tax code offers to help us build wealth:
• Giving appreciated stocks or mutual funds gives you two tax breaks. The first is the ability to deduct the current value of the investment as a charitable deduction on your tax return if you itemize deductions. The second is the avoidance of paying capital gains taxes on any profits that may have been realized.
Direct Transfer from your IRA for IRA Owners Age 70 ½ or Older
• A proposal to make charitable contributions from IRAs, also known as the Qualified Charitable Distributions (QCD), permanently tax deductible is currently being considered in Congress. This would make charitable contributions up to $100,000 made directly from IRAs excluded from income while satisfying required minimum distributions (RMD).
By reducing income (AGI) other benefits may accrue to the taxpayer. Some examples are avoiding limitation of itemized deductions, and the full use of deductible medical expenses or miscellaneous itemized deductions. Importantly, using this QCD option can serve to avoid an increase in the taxation of your Social Security benefits.
Should Congress not approve the QCD proposal, you can still claim your charitable deduction as an itemized deduction on Schedule A of your tax return. This is a great way to potentially reduce income tax, satisfy RMDs, and benefit your favorite charity.
As with any charitable giving technique, ALWAYS consult with your financial advisor, tax advisor, estate attorney, and many times, with the charities themselves to explore your options and find out how to maximize your gift and improve your bottom line, a win/win scenario for you and your favorite charity. Stay tuned for Part 2 of our series for two more giving techniques that could even further maximize your impact, and your tax savings…
"There were six foot swells hovering above me on either side at mile 16 and it felt impossible to balance and stay standing. I believed that somehow the ocean would calm down if I just hung on. I couldn’t give up, I had to finish. It was the decision of helping HOPE and not letting people down that gave me the strength to paddle forward. Time seemed to have stood still and before I knew it I was running up the beach jumping for joy with my paddle in hand. I made it to the sand and the feeling was unbelievable."
- Robert Wasserman
Over 130 guests and volunteers beat the odds at HOPE’s Premiere Casino Speedway Night on Saturday, June 6, 2015 at Pelican Parts Race Showroom in Harbor City.
The event raised nearly $40,000 which will be directed toward the purchase of a third College to Career property that will provide “dorm like” housing for ten Long Beach City College students with developmental disabilities. One student, Shaun Swersky, spoke eloquently of his living at one of the current C2C properties.
The stars of the evening were Wayne and Nori Dempsey who donated their private race car showroom space for the evening. Wayne, a connoisseur of race cars, displayed several of the outstanding cars in his private collection. HOPE is also grateful for the generosity of sponsors who supported the event and brought so many new people who found out about HOPE’s affordable housing programs for the first time.
The crowd enthusiastically participated in both games of chance and the Silent Auction.
Popular items in the Silent Auction were:
(1) A Romantic Gondola Ride in Huntington Harbor
(2) A two night stay at the Hotel Maya in Long Beach
(3) A series of wine classes at Total Wine plus dinner at Michael’s on Naples Ristorante
(4) Sailing excursion off Redondo Beach for eight people
(5) Tour for ten at Space X in Hawthorne
Thank you to the Casino Speedway Night Committee and all the volunteers who worked at the evening event. Thanks also to our many silent auction donors, our sponsors, and, of course, our guests.
If you couldn't attend Casino Speedway Night, you still have an opportunity to support other young people with development disabilities like Shaun who want to live independently while they attend college by making a generous gift to the College 2 Career program. To make a secure online donation, click on "DONATE NOW." Your generosity will make it possible for more young people with development disabilities to live in safe, affordable housing while they're attending classes at Long Beach City College. You'll be helping them build a future. Thank you.