Planning for Homeless Solutions’ Future and Yours
You can protect what matters most to you and also make a lasting impact at Homeless Solutions. After your loved ones have been taken care of, please consider adding Homeless Solutions as a beneficiary of your estate plan.
Wills are important regardless of your wealth. They help you to protect your children, your pets, and your legacy, while saving your loved ones stress and uncertainty.
Without a will, your wishes regarding your assets and who manages your estate may not be met. Instead, the government decides who receives your assets and who administers your estate.
If you need to create and/or update your will, there is no substitute for using a qualified attorney with estate planning experience in your state. A knowledgeable attorney can make sure that your wishes are properly recorded, which can reduce expenses and help your loved ones receive their inheritances sooner.
Contact Stephanie Cicale at StephanieCicale@hsinj.org or (973) 993-0900 x120 to learn more.
You may want to review the new laws and other changes that may affect your giving decisions. The new laws include retirement changes, known collectively as “Secure 2.0,” that may affect your savings and your giving. They may even make it easier for you to make a difference at the organizations you care about.
Charitable giving implications:
- Increases the required minimum distribution (RMD) age – Secure 2.0 increases the age retirees must begin taking taxable withdrawals to 73 in 2023 and 75 by 2033, up from the previous 72. It does not, however, increase the age an IRA owner can make a qualified charitable distribution. The age remains at 70 1/2.
How does this affect me?
The extension of the RMD age gives you more time to save. You will enjoy additional tax-free growth. It also can be significant if you do not want to begin withdrawing retirement funds during an unsettled economic climate, giving you more time for your stock portfolio to recover.
- Adjusts for inflation the $100,000 annual limit on direct gifts to qualified charities from your IRA– Are you 70 1/2 or older? If so, you may know about a popular gift option that allows you to make a gift directly from your IRA to a qualified charity without paying income taxes on the distribution. Historically, the amount you could give was capped at $100,000 per year. The figure will now be adjusted annually for inflation beginning in 2024.
How does that affect me?
This allows you to not only increase your giving but also ensures your giving keeps pace with inflation. And you can make an impact – and see your impact – during your lifetime.
- Allows for a distribution from your IRA to fund a life-income gift – If you are 70 1/2 or older, you can make a one-time election for a qualified charitable distribution of up to $50,000 (without being taxed) from your IRA to fund a life-income gift such as a charitable gift annuity, charitable remainder unitrust, or charitable remainder annuity trust.
How does this affect me?
These types of life-income gifts allow you to make a gift to a qualified charitable organization and receive lifetime payments to boost your retirement income or provide a lifetime payment for you or your spouse.
We are here to help . . .
Please contact your financial advisor for additional information or contact StephanieCicale@hsinj.org to have a conversation about your legacy.
Already included us in your estate plans?
Thank you! Letting us know you have taken the generous step to remember Homeless Solutions in your will is up to you. By letting us know, we will be able to express our gratitude, keep you updated on our important work, and ensure that your gift is fulfilled exactly as you intended. Thank you in advance for your thoughtful generosity.
Your information below will be kept confidential and we will respect any desire to remain anonymous.