To you, it might just be a “hunk of junk”, but your car donation could bring hope to and helps senior adults remain independent. Rather than selling or trading in your used car, truck, SUV, motorcycle, RV, boat on a trailer, tractor running or not, with transferable titles donate it to Lonoke County Council on Aging. We work hard to maximize the proceeds of every donation. Not only is the process free and easy, but your vehicle donation may be eligible for a tax deduction (please consult your tax advisor for individual details).
It’s easy and convenient to donate your used car or other vehicle to fight senior hunger and help senior adults remain independent:
- Call our office 501-676-6971, ask to speak with our Executive Director.
- We will ask some basic info about you, your vehicle and where your vehicle needs to be picked up.
- We will arrange a free pick-up time.
- Your vehicle can be scheduled for pick up within 24-48 hours after your title has been received at our central office.
- We tow or drive your car way.
- You’ll receive the tax deductible receipt that you’ll need for filing your taxes.
- We do all the work.
Gifts of Securities
Overview of Tax Benefits:
A gift of appreciated securities held for more than one year may provide significant benefits to you as a contributor, such as:
- Entitling you to a charitable income tax deduction for the fair market value of the gifted securities as of the date of gift.
- Eliminating capital gains tax that would ordinarily become due if you had sold the appreciated securities on the open market and donated the proceeds from the sale to charity.
- Claiming your charitable deduction against up to 30% of your adjusted gross income. Any unused deductions can be carried forward over the next five years.
- Providing a way to help you to achieve your long-term financial objective of reducing your income and estate taxes.
If you have securities that have declined in value over the years and are interested in donating them to helping senior adults remain independent, you may find it more advantageous to sell the securities first and contribute the proceeds to charity as opposed to donating the securities outright. This strategy should allow you to claim a deduction for both the loss from the sale of the securities as well as the charitable gift.
If you are considering donating stock that is subject to a cash merger or tender offer, it’s important for you to note that you will be subject to tax on the capital gain even though the shares were transferred to us before the tender offer became effective.
You should always consult with your financial advisor before initiating a charitable gift arrangement.
Gifts of appreciated securities could provide even greater benefits to you through Planned Giving.
Ways to Give Securities:
There are two ways to make a donation of securities: by Physical Delivery or through an Electronic Transfer Authorization. Be sure to notify us of your decision.
If you have physical securities, you may deliver them in person, by registered mail, or by courier to our central office. If they are registered in your name, you will need to provide an Irrevocable Stock/ Bond Power Form.
Electronic Transfer Authorization:
Your broker can electronically transfer your securities to LCCA. Because this request must be made in writing we provide an Electronic Transfer Authorization form.
Instructions for the Electronic Transfer of Securities:
LCCA cannot initiate transfers from your Broker.
Modern Woodmen Further Credit to: Lonoke County Council on Aging Tax ID # Account # 706-04H79 Broker Contact: Logan Perry Phone: 501-982-4561
Wills, Trusts and Annuities
Lonoke County Council on Aging, Inc. is fortunate to have many friends join us in the fight against senior hunger and helping senior adults remain independent by making us the beneficiary of a gift through bequests, trust agreements, life insurance, retirement accounts, or other forms of planned gifts.
With a planned gift to Lonoke County Council on Aging, you can combine your desire to give to charity with your overall financial, tax, and estate planning goals. Planned giving gives you a special connection with the senior adults. You will help senior adults remain independent for now and for years to come.
Discover Your Gift Opportunities:
- IRA Charitable Rollover Gifts Permanently Extended
- Use Your Traditional IRA to Make Your Charitable Gifts in 2016
In 2006 Congress made a change to the tax law that allows individuals age 70½+ to make charitable gifts directly from a traditional IRA account to charity without incurring federal income tax on the withdrawal. Many people have not heard about this option for making charitable gifts because it would expire every two years and need to be renewed by Congress.
H.R. 2029, the Protecting Americans from Tax Hikes Act of 2015, changed all that, making this provision a permanent, rather than temporary, part of the tax code (to the extent anything is permanent in the tax code). The IRA Charitable Rollover provides you with an excellent opportunity to make a gifts during your lifetime from an asset that would be subject to multiple levels of taxation if it remained in your taxable estate.
- You must be age 70½ or older at the time of gift.
- Transfers must be made directly from a traditional IRA account by your IRA administrator to the Lonoke County Council on Aging. Funds that are withdrawn by you and then contributed do NOT qualify. Gifts from 401k, 403b, SEP and other plans do not qualify.
- Gifts must be outright. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities are not allowed.
Benefits — qualified charitable distributions:
- Can total up to $100,000.
- Are not included in your gross income for federal income tax purposes on your IRS Form 1040 (no charitable deduction is available, however).
- Count towards your minimum required distribution for the year from your IRA.
Suppose Mike has $500,000 in an IRA and he also wants to contribute $20,000 to the Lonoke County Council on Aging. He can authorize the administrator of his IRA to transfer $20,000 to the Lonoke County Council on Aging and $5,000 to himself. The $20,000 distributed to the Lonoke County Council on Aging will not be subject to federal tax and will be counted toward his annual minimum required distribution.
As you plan your minimum required distributions for this year, if you do not need the money the government is requiring you to take, consider using it for a charitable gift using the IRA Charitable Rollover.
LCCA will make arrangements to assist in packing and collect your estate items to be donated to LCCA. We work hard to maximize the proceeds of every estate donation to end senior hunger and assist senior adults in remaining independent.
Questions and Answers:
H.R. 2029, the Protecting Americans from Tax Hikes Act of 2015 has permanently extended the IRA Charitable Rollover. Originally passed in 2006 as part of the Pension Protection Act, the IRA Charitable Rollover allows individuals age 70½ and older to make direct transfers totaling up to $100,000 per year to 501(c)(3) charities, without having to count the transfers as income for federal income tax purposes.
Who qualifies? Individuals who are age 70½ or older at the time of the contribution (you have to wait until your actual 70½th birthday to make the transfer).
How much can I transfer? $100,000 per year. The provision no longer has an expiration date.
From what accounts can I make transfers? Transfers must come from your IRAs directly to the American Cancer Society. If you have retirement assets in a 401k, 403b etc., you must first roll those funds into an IRA, and then you can direct the IRA administrator to transfer the funds from the IRA directly to the American Cancer Society.
To what charities can I make gifts? Tax exempt organizations that are classified as 501(c) (3) charities, including the Lonoke County Council on Aging, to which deductible contributions can be made.
Can I use the IRA Charitable Rollover to fund life-income gifts (charitable gift annuities, charitable remainder trusts, or pooled income funds), donor advised funds or supporting organizations? No, these are not eligible.
Can I use the IRA Charitable Rollover to support [insert one of your key priorities here, Example: Meals on Wheels]? Yes, all IRA Rollover gifts can be used to support this important need.
How will the Lonoke County Council on Aging count the gift? We will give you full credit for the entire gift amount.
What are the tax implications to me?
- Federal — You do not recognize the transfer to the Lonoke County Council on Aging as income, provided it goes directly from the IRA administrator to us. However, you are not entitled to an income tax charitable deduction for your gift.
- State — Each state has different laws, so you will need to consult with your own advisors. Some states have a state income tax and will include this transfer as income. Within those states, some will allow for a state income tax charitable deduction and others will not. Other states base their state income tax on the federal income or federal tax paid. Still other states have no income tax at all.
Does this transfer qualify as my minimum required distribution? Once you reach age 70½, you are required to take minimum distributions from your retirement plans each year, according to a federal formula. IRA Charitable Rollovers count towards your minimum required distribution from the IRA for the year.
Can my spouse also make an IRA Charitable Rollover, even if we are married and file jointly? Yes, every individual can use the IRA Charitable Rollover for up to $100,000 each year.
How do I know if an IRA Charitable Rollover is right for me? You are at least age 70½, and:
- You do not need the additional income necessitated by your minimum required distribution, OR
- Your charitable gifts already equal 50% of your adjusted gross income, so you do not benefit from an income tax charitable deduction for additional gifts, OR
- You do not itemize deductions, OR
- You are subject to income phase-outs on your income tax deductions.
What is the procedure to execute an IRA Charitable Rollover? We offer a sample letter you can send to your plan provider to initiate a rollover. Make sure that you contact us when you direct the rollover so we can look for the check from your IRA administrator.
Give to Lonoke County Council on Aging without affecting your cash flow during your lifetime. Contact us for more information
Charitable Bargain Sale
This part-gift/part-sale gives you a charitable deduction plus cash to use elsewhere. Contact us for more information
Charitable Gift Annuity – Immediate
Receive a fixed payout and significant tax benefits. Contact us for more information
Charitable Gift Annuity – Deferred
Recommended for younger donors to build retirement earnings for the future. Contact us for more information
Charitable Lead Trust
Discover an innovative way to pass appreciating assets on to family members while making gifts in the interim. Contact us for more information
Remainder Annuity Trust
Make a large gift and receive a fixed-income payout each year. Contact us for more information
Retained Life Estate
Receive a large deduction by donating a residence while retaining the right to live there for life. Contact us for more information
Contact us for more information or additional help for your giving options for Lonoke County Council on Aging, 501-676-6971.