Click here Gifts of Cash 

Cash gifts can help save lighthouses today!  For income tax purposes cash gifts are fully deductible up to 50% of your adjusted gross income.  Your individual tax savings will depend on your income tax bracket.  For example if you make a $1,000 gift and you are in a 25% tax bracket you will save $250 on your income taxes which means that you can provide $1,000 worth of Lighthouse preservation or protection at a cost to you of $750!

Stocks, Bonds and Mutual Funds

Stocks, Bond and Mutual Funds that have appreciated in value are one of the most advantageous ways of supporting Florida’s Lighthouses.  You may receive a charitable income tax deduction for the full fair market value of the stock (up to a maximum of 30% of your adjusted gross income) and avoid paying the capital gains tax on any increase in the value of the stock.  Excess deductions can be carried over for five additional years.  For example you make a gift of stock worth $5,000, you purchased the stock for $500; you save $1,250 on your income taxes (if you are in a 25% tax bracket) plus you permanently avoid paying capital gain tax on the $4,500 of appreciation.  To obtain the largest tax savings use stock that you have owned for a "long term" period of time (usually for more than one year).

What if my securities have decreased instead of increased in value?

Believe it of not, you may still want to sell these securities and contribute the proceeds.  In this case you may be entitled to take a capital loss on your income tax return, as well as the charitable deduction for your gift.

Bequests through a Will or Trust 

(Click for detailed information and a document you can take to your attorney or professional advisor). 

You can easily avoid the expense and effort or redoing your entire estate plan by working with your professional advisor to write a codicil to your will (or an amendment to your trust) that includes a gift to FLA’s preservation and restoration efforts.  In some cases your gift may help you avoid estate taxes.

Bequests can be for:

• The remainder or “residue” of your estate (what is left over after your other bequests)
  
• Your entire estate
  
• A percentage of your estate
  
• A specific dollar amount or specific assets
  
• A contingent bequest that passes to the Florida Lighthouse Association, Inc. in the event your primary beneficiary predeceases you.
  

IRA Annual Required Minimum Distribution

The IRA Charitable Rollover Act was signed into law as part of The Protecting Americans from Tax Hikes Act of 2015 (PATH).  IRA owners 70 ½ + are required to take a minimum distribution from their IRAs every year by December 31; that distribution is included in your gross taxable income! You can avoid paying income taxes on all or part of that income by making a contribution directly from your IRA to FLA.

If you are interested in making a charitable gift to FLA contact your IRA administrator to see if the IRA Charitable Rollover Legislation is appropriate for your situation.  There are very specific rules that need to be followed – first and foremost is that the IRA must be transferred directly to the charity NOT the IRA owner.

Retirement Plans

IRAs, 401(k) s, and other qualified retirement plans are subject to income taxes; in addition those funds may be subject to estate taxes - that can mean that your estate may end up paying a up to 80% of your retirement plans value in taxes!  When you name the FLA as the beneficiary of your retirement plan those funds are not taxed as income, help save lighthouses and  are not included in your estate. 

Paid-up Life Insurance 

Life insurance that you no longer need can make a wonderful gift to the FLA's Lighthouse preservation and restoration efforts.  It may provide you with a significant tax deduction 

Charitable Lead Trusts

A charitable lead trust enables you to provide the Florida Lighthouse Association with the income from this trust over a period of years.  When the trust term expires, the remaining assets revert to you or your beneficiaries.  Significant savings of gift or estate taxes may be realized when the lead trust principal passes to your beneficiaries.  This is an excellent way of retaining hard-earned assets within your family, while simultaneously making a generous gift.

Charitable Remainder Trusts

A charitable remainder trust will provide you or others with income while you make a generous gift to FLA.  Establishing this type of trust can allow you to liquidate highly appreciated assets while avoiding the capital gains tax and letting you diversify.  The income may continue for the lifetimes of the beneficiaries you name, a fixed term of not more than 20 years, or a combination of the two.  When the trust term ends, the trust's principal passes to the FLA to help save lighthouses.  Many different assets can be used to fund your trust including securities, real estate, closely held stock, life insurance, and qualified retirement plans.

For help and information