Camp Haven Supports Planned Giving

By James A. Schorner, CPA and Attorney, Treasurer of Camp Haven

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We appreciate those who give to our mission regularly. Planned giving doesn’t only mean gifts made at death. It includes gifts made while living as part of a plan. Some make recurring gifts on their charge account; some have their bill pay system send a monthly check. With the change in the standard deduction for federal income tax purposes, many direct their IRA custodian to send us a check from their IRA. This has the benefit of being non-taxable income. As it is non-taxable, no itemized deduction is available, but this is even better because you need not itemize. Further your Adjusted Gross Income is reduced which may reduce your medical threshold and your Medicare monthly premium. Such IRA direct gifts are available to those over 70 ½.

Another “tax-effective” lifetime gift is the gift of appreciated stock. One of our donors regularly gives us appreciated stock. Accordingly, he gets to deduct the fair market value of the stock as an itemized deduction, yet he does not recognize the unrealized capital gain. We have a broker account to make it easy to make such a transfer. You just tell your broker to send so many shares of such security to our account. Chuck can give you the details. We will give you a receipt showing the tax-deduction.

Our success at Camp Haven will continue after your death and we have established a permanent endowment to receive your gifts for this purpose. The Board has directed that all gifts on account of a death be added to the endowment, unless otherwise specified. The endowment provides an annual income, based on the amount of assets held, which is used for current operations. Foundations like to support capital
improvements and specific expenditures but as your treasurer, I know that we need money to pay the electric, cable and insurance bills. The annual transfers from the endowment along with your current gifts allow us to continue operations.

A simple way to make a gift at death is a provision in your will, “I give $X to Camp Haven, Inc., in Vero Beach Florida” is all you need.

Even better is to name Camp Haven as a co-beneficiary of your IRA or other retirement plan. This avoids income tax as we do not pay income tax on our gifts, even though a family member would do so.

For more information on how to support Camp Haven through planned giving, please call 772-999-3625.

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