Planned giving can protect nonprofits and donor wealth
A free seminar on Dec. 2 for nonprofits and their boards will discuss strategies for promoting "planned giving." Attorneys from the Park City office of Jones Waldo, Holbrook & McDonough will discuss the difference between giving from income versus giving from assets.
The event is co-sponsored by Jones Waldo and The Park City Foundation to assist local nonprofits in promoting giving opportunities that result in better tax advantages for givers and long-term security for organizations.
"We want to encourage donors to receive every tax deduction they can for 2008, and we want to help nonprofits that have been starved this year so they don’t go away or lose economic resources," explained Deacon Haymond, a life and legacy planning attorney with Jones Waldo.
The seminar is part of the Park City Foundation’s mission to provide vehicles for people to give to local groups. The Foundation encourages donors to set up a fund with them for whatever nonprofit(s) they choose, and the foundation manages and invests that fund. This gives nonprofits a longer and more sustainable income source, explained Katie Wright with the foundation.
The seminar will focus on two trends that nonprofits can benefit from in the coming decade. The first is the decreased amount of disposable income in the hands of donors because of the economy. Now is a great time to promote giving through estate planning, Wright said.
The second trend is a large number of older Americans will die or retire in the coming decade and they will be looking for ways to transfer their wealth or assets. Philanthropy can be a great way to reduce the impact of taxes on that process, Haymond said.
For example, one topic that will be discussed Tuesday is giving stocks instead of cash. If a stock is doing well, giving it to a nonprofit instead of a check allows the donor to make the desired contribution, but it also relieves them of paying taxes on the gain of the stock.
Haymond said there are numerous strategies for giving that can bring greater tax advantages. He said experts are forecasting higher estate taxes in the future to pay for deficits. Smart uses of philanthropy can benefit one’s beneficiaries by protecting more of the wealth an elderly person may wish to transfer. It can also result in greater security for the nonprofit despite the economic climate.
"Giving from existing assets instead of from one’s income can be a more tax friendly way to give," Haymond said. "We’re bringing education to help nonprofits and donors have a win-win."
Trisha Worthington, executive director of the Park City Foundation, said her group can help donors give publicly traded stock, tangible personal property, real estate, life insurance, endowments and help with various forms of giving to local nonprofits.
Alex Natt, another Jones Waldo attorney who will be presenting at the seminar, said in a written statement that smart giving can not only reduce a donor’s tax burden, but can also maximize the value of their assets.
Anyone in a nonprofit or its board can attend the seminar, at the Zions Bank at 2100 Snow Creek Drive on Dec. 2 from 8 a.m. to about 10 p.m. To register, contact Katie Wright at 214-2147 or email Katie@theparkcityfoundation.org .
Nonprofit funding seminar
Dec. 2 at Zions Bank
2100 Snow Creek Drive
8 a.m. to 9:30 p.m.
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