As the pandemic continues to impact the economy, many people are focused on their finances and what these economic changes could mean for the future. Our organization’s mission to extend the healing ministry of Christ, is driving our health care approach as we mitigate the effects of COVID-19.
In response to our current situation, Congress recently enacted several tax law changes through The Coronavirus Aid, Relief, and Economic Security (CARES) Act. AdventHealth Foundation Central Florida is offering resources to help you with your tax planning and provide additional ideas for you to consider if you are thinking about making a gift in support of our mission during this time.
This recently passed law includes several charitable tax provisions to encourage giving. These include:
- A new deduction for charitable donors who do not itemize when filing their tax returns. If you do not itemize but make a gift to charity, you will be allowed to take a special tax deduction, up to $300, to reduce your tax liability.
- An increase in the deduction limit up to 100% of a donor’s adjusted gross income (AGI) for cash gifts (previously the deduction was capped at 60% of AGI). If you make a gift you will be able to deduct more this year.
- If you have a Donor Advised Fund (DAF) and wish to help us this year, you can make a gift from your DAF to support our work without affecting your personal financial security.
Richard moved from Ohio to Florida in 2006 and said charitable gift annuities were the furthest thing from his mind but now he can’t imagine his life any other way. He had no estate planning, no will and no trust when an AdventHealth ad for free legal advice caught his interest.
"Everyone should at least consider this and ask themselves where does this fit into my estate planning? I now have six charitable gift annuities with AdventHealth Foundation Central Florida. I get stable income and tax deduction while being able to support important projects at AdventHealth; which makes me feel good to give back… For me, it’s a win, win."
Richard was 74 years old when he decided to create his first charitable gift annuity and because he was so happy with the results, for the last ten years he has created more additional annuities. Richard designated the funds in the annuities to benefit AdventHealth University and the AdventHealth Greatest Needs general fund.