Planned Giving
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Ideas for Giving and Moving Forward

In response to the current situation, Congress extended some of the COVID-19 relief tax changes to 2021. The Foundations of Sharp HealthCare have created this page to offer resources to help you with your tax planning and to offer some ideas for you to consider if you are thinking about making a gift in support of our mission during this time:

1. Giving Incentives for 2021

The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act passed in 2020 included several charitable tax provisions to encourage giving. Congress has extended these provisions for 2021 including:

2. Donor Advised Funds

If you have a donor-advised fund (DAF) and wish to help us this year, you can make a gift from your DAF to support our work without affecting your personal financial security.

If you are planning to create a donor-advised fund please consider establishing a Sharp DAF. Sharp is offering this as a service to our donors, allowing you to support quality healthcare in San Diego while continuing to support other organizations you care about.

3. Charitable Gift Annuity

If you are concerned about your financial security given the ups and downs of the stock market, you may want to consider making a gift to fund a charitable gift annuity. You might be surprised by the benefits. You can exchange your low-performing stock, CDs or cash for guaranteed, lifetime fixed payments. If you make a gift of an appreciated asset, you will not have to pay capital gains when you fund the annuity. You may also benefit from a tax deduction this year and a portion of your payments could be tax-free.

4. SECURE Act

In December 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act, limiting stretch payments to IRA beneficiaries to 10 years. As a result of this legislation, your loved ones will now have to pay even more taxes on IRA distributions, effectively reducing their inheritance. If you are considering including a charitable bequest in your estate plans, the SECURE Act makes it even more attractive to use some or all of your retirement assets to fund your bequest, and leave other non-taxable assets to your loved ones.

If you are interested in learning more about any of these ideas, please contact us. Please also let us know how we can help you during this time.

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