Giving Now

There are several ways to make a gift in the current year:

• Giving cash. Up to 60% of an individual’s adjusted gross income is entitled to an immediate charitable income tax deduction. (This may not May be the best asset to use)

• Appreciated assets. Anyone holding shares of appreciated stock should consider donating this type of asset. In addition to benefitting from an income tax deduction for the value of the stock, capital gain tax is avoided when the donation is made. 

• Qualified Charitable Distribution from an IRA.

Individuals over the age of 71 ½ are entitled to make a non-taxable distribution from an IRA to CLF in any year up to $105,000.00. It’s easy to do. Just contact your agent where you IRA is invested. Provide the name California Lions Foundation, Address, and Tax ID number. Important instruction to give to the agent: “No income tax be withheld.” Notify CLF to expect the distribution. 

Giving Later

Giving later implies making a bequest from an estate upon the passing of an individual.

• Bequests from Wills and Trusts that are new or existing. Contact an Estate Planning Attorney with the instruction to include or add a bequest distribution to CLF for a specific dollar amount, a percentage of an estate, or a percentage of the remainder of an estate. (Easy to do. No donation is made until death.)

• IRA Designated Beneficiary: Many individuals forget that any amount remaining in an IRA upon the death of the owner is subject to an Income Tax. The tax is applied first before any amount is distributed to an heir or other individual. Naming CLF as the designated charitable beneficiary of an IRA account avoids any income tax due on the amount left in the account. 

• Bequest Designations: Individuals can name CLF as a designated beneficiary from any of the following: Bank accounts, Retirement Funds, or Life Insurance Policies.