For more information about 20/20 Vision contact John Hagen at 909-520-2528 or John Driscoll at 597-9007 ext. 201
There are many ways to financially support the mission of Hillview Acres Children’s Home. By taking advantage of tax-wise giving, the value of your gift can be increased both to benefit you and your loved ones, as well as graciously provide for the children under our care.
Below are several of the major ways that you can give to Hillview Acres. Your gift ensures that our mission of providing quality care to meet the physical, emotional, and spiritual needs of each child continues for many years and decades to come.
Gifts of Stock
Gifts of appreciated stock give you a double tax benefit. First, you receive an income tax charitable deduction for the full fair market value of your gift. Second, you avoid paying any capital gains tax on the increase in value of your stock if you have held your stock over a “long-term” period of time (generally more than one year).
Gifts of appreciated stock receive full deductibility up to a maximum of 30% of your adjusted gross income. For example, if your adjusted gross income for 2005 is $60,000, you may receive an income tax charitable deduction for up to $18,000 for your contribution of long-term appreciated stock. Any excess can generally be carried forward over as many as five subsequent years.
Real Estate Gifts
Due to the feverish housing and real estate markets in California and across the U.S. over the past several years, many homes, vacation homes, and other types of real estate have appreciated considerably in value. Reselling this property would result in a sizable capital gains tax on the increase in value during your ownership.
By making a gift of this real estate, you will not only avoid paying a capital gains tax, but also receive a charitable deduction for its full fair market value. Contact us for instructions on how to transfer a gift of real property to Hillview to help meet the needs of the children under our care.
Life Estate Gifts
Gifts of real property, such as a home, farm, or vacation homes can also be made while reserving the rights for you and your spouse to continue enjoying the use of this property for your lifetimes. At the same time, you will receive a charitable tax deduction for the year the gift is made.
Bequests
Bequests are gifts made from your estate through your last will and testament. Your “estate” means the sum of your assets, including stocks, bonds, mutual fund shares, real property, insurance policies, retirement accounts, cash on hand, and valuables, etc.
To ensure that charitable bequests are made properly, make sure that your will accurately reflects the charitable recipient.
There are different kinds of bequests. Each requires specific language to accurately reflect your intentions in making gifts from your estate. Some of the more common form of charitable bequests include:
General Charitable Bequests
“General” charitable bequests are testamentary gifts from your estate that state a specific asset (i.e., real estate), a specific dollar amount, or a fixed percentage of the total value of your estate to benefit Hillview and other charities of your choice.
To make a general charitable bequest from your estate, you may use language such as the following:
“I give, bequeath, and devise to Hillview Acres Children’s Home , Chino, CA [other charities of your choice, listed in separate paragraphs] the sum of $___________ to benefit HVA for its general charitable purposes.”
Or:
“I give, bequeath, and devise to Hillview Acres Children’s Home, Chino, CA [other charities of your choice, listed in separate paragraphs] % of the total value of my estate to benefit HVA for its general charitable purposes.”
Or:
“I give, bequeath, and devise to Hillview Acres Children’s Home, Chino, CA [other charities of your choice, listed in separate paragraphs] [a specific asset, described so that it can be easily identified] to benefit HVA for its general charitable purposes.”
Specific Charitable Bequests
“Specific” charitable bequests are testamentary gifts from your estate that state a specific asset, dollar amount, or a fixed percentage of the total value of your estate for a specific or designated purpose (i.e., for a particular project, fund or program carried out by the charity.)
To make a specific charitable bequest from your estate, the following language may be used:
“I give, bequeath, and devise to Hillview Acres Children’s Home, Chino, CA [other charities of your choice, listed separately] [the sum of $] or [% of the total value of my estate] or [a specific asset] for [state the specific purpose or program for which the bequest is to be used].”