How You Can Help
There are many different ways you can give to the Widows Home, and each one offers specific donor advantages. When considering a gift, you should consult your legal and tax advisors to determine your most advantageous method of giving. Since the Widows Home is a 501(c)(3) public charity, all gifts are tax deductible to the full extent provided by law.Your donation may be designated in 3 ways: 1) Please use my gift as best seen fit, 2) Please designate my gift to Resident Personal Care & Activities, and 3) Please designate my gift to the Capital Improvement Fund.
Click Here to donate online through our secure web portal provided by the Widows Home of Dayton.
Gifts of Cash
An outright cash gift is the simplest method of giving and qualifies for a full charitable deduction.
Capital assets—including stocks, bonds, and securities worth more than when originally purchased—can be contributed to the Widows Home, leaving the donor free of tax liability on the capital gains that could be incurred if such assets were sold on the open market. Certain limitations apply.
Owners of closely held corporations can benefit by making a contribution through their company. There are several tax advantages to this type of gift.
Many corporations have matching gift programs through which the value of an employee’s (or spouse’s) gift may be doubled and sometimes tripled. You receive credit for your gift as well as your company’s matching gift.
Gifts of Life Insurance Policies
For individuals who own a life insurance policy that they no longer need, it can serve as the perfect vehicle for a charitable gift. If the policy has a cash value, donors can take a charitable deduction. In addition, if annual premiums are still to be made and the donor continues to pay them, those premiums will become tax deductible each year. Donating a life insurance policy is relatively simple. Potential donors should check with their life insurance professional for details.
Trusts and Life Income Gifts
Several vehicles enable donors to make sizable gifts now and save income taxes, while providing the donor a guaranteed income for life.
Charitable Remainder Trust
A charitable remainder trust is an irrevocable trust that provides income to the donor during the donor’s lifetime. The principal of the trust transfers to the Widows Home when the donor passes away. The donor can decide whether to start payouts at the time of the gift or to defer payouts until a later time. By deferring payouts, the donor is able to use a charitable remainder trust to augment his or her retirement plan with additional financial advantages.
Charitable Lead Trust
Like a charitable remainder trust, a charitable lead trust offers current income tax deductions and a reduction of capital gains taxes. In this arrangement, assets are placed in a trust and the income earned by the assets is given to the Widows Home for a number of years. The asset then passes back to the donor or to the donor’s beneficiaries. A charitable lead trust offers a number of tax advantages and can be useful in gift and estate-tax planning.
Gifts of Real Estate
For those who have owned a home, a vacation home, acreage, or a farm for many years, making charitable gifts of that real estate can be especially tax advantageous.
Life Estate Contract
A donor may wish to consider gifts of a personal residence or farm, reserving the right to live in the house for life (and if applicable, for the life of a surviving spouse). The donor receives an income tax deduction in the year the gift is made, based on the donor’s age and the fair market value of the property. This arrangement provides the same estate-tax benefits as a similar gift made through a donor’s will and also saves probate costs.