Planned Giving Tips and Tools
Planned Giving and Current Giving
The Food Depot is honored by the extent and volume of giving that our supporters provide every year so that our programs of assisting families and individuals with food can be fulfilled. Without your regular and generous giving, our programs would not be possible.
But we want to tell you that while we appreciate your constant giving while you are alive, after your death, those gifts will stop. UNLESS you have provided for a gift to the Food Depot in your estate plan. This is called Planned Giving because it takes some planning on your part.
We are willing to help you think this process through, at no cost to you, if you would like. Please let us know your thoughts.
We are forming a Legacy Society for donors who let us know that you have named the Food Depot as a beneficiary in your estate plan, so that we can thank you while you are alive and with us.
We look forward to hearing from you if you have questions or would like to let us know that you have already completed your estate plan and included a gift to the Food Depot. And THANK YOU for your generosity.
2023 Charitable Gift Planning Ideas
Donor Advised Funds: You can create a Donor Advised Fund (DAF) at either a community foundation or through a commercial charitable entity. The minimum funding is commonly about $25,000, and rules may vary.
Qualified Charitable Distributions: If you are over 73 years old and are required to take a Required Minimum Distribution (RMD) from your Individual Retirement Account (IRA), you can direct the custodian of your IRA to make Qualified Charitable Distributions (QCDs) to charities. There is a $100,000 limit on how much you can give as QCDs from your IRA each year.
Planned Gifts: As a consequence of SECURE Act 1.0, passed in 2019, if you name children as beneficiaries of your retirement plans, they will be required to withdraw the entire amount within 10 years of your death, AND pay income tax on every penny that is withdrawn. As an alternative, you might give them other assets that do not have these income tax costs, and name charities as the beneficiaries of retirement plan assets.
SECURE ACT 2.0 News: In 2023, IRA account holders can make a one-time rollover of $50,000 from an IRA to a qualified life income plan like a Charitable Gift Annuity (CGA) or a Charitable Remainder Trust (CRT). You can fund a CGA at a local community foundation or a private commercial charitable entity. You name a charity to receive what is left at your death. Lifetime payouts are their biggest similarity, but they do differ in several other aspects. The CRT is similar in that it also provides lifetime payouts, but it is a trust and requires a Trustee.
Disclosure: This information is not intended as legal advice. For more specific advice, please consult your attorney or financial adviser.