Gifts that cost you nothing now

Photo of hands stacking blocksIf you want to make a significant gift but don’t want to part with funds today or have assets you no longer need, we have several simple solutions.

Wills or Trusts

Make a bequest by naming Parkland in your will or trust. If your documents are already in place you can add an addendum to a trust or a codicil to your will.

Beneficiary Designations

You can name Parkland as the beneficiary of a retirement plan, life insurance policy, bank or investment accounts and real estate. Giving retirement plan assets to charity and other assets to your loved ones may mean your loved ones get more.

How to make your gift:

To name Parkland Foundation as a beneficiary, contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form and include this information: Parkland Foundation, Dallas, Texas, Taxpayer Identification Number: 75-2089180.

Then notify us so we can thank you for your gift and welcome you to the 1894 Society!

Individual Retirement Accounts

If you or someone you know is 70 ½ or older consider a tax-free gift from an IRA directly to a qualified charity such as Parkland. This gift counts towards the required minimum distribution and no taxes are paid on the charitable distribution.

How it works:

  • If you are 70½ or older, you can give up to $100,000 directly from your IRA to charities.
  • The transfer generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions.
  • If you have not taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
  • The transfer may be made in addition to any other charitable giving you have planned.

Provide your IRA custodian with this information:

  • Please issue a check in the amount of $ (amount) payable to Parkland Foundation and mail it to: Parkland Foundation, 1341 W. Mockingbird Ln., Suite 1100E, Dallas, TX 75247, Attn: Kent C. Weimer.
  • The qualified charitable organization’s federal tax identification number is: 75-2089180.
  • In your transmittal to the above named charitable organization, please memorialize my name and address as the donor of record in connection with this transfer, and copy me on the transmittal at the address below.
  • It is my intention that this gift complies with IRC 408(d)(8). It is also my intention to have this transfer qualify during the current tax year.

“Out of Sight, Out of Mind” Assets

Do you have mineral rights and no longer need the income? Do you have stocks that are worth more than you paid for them? Do you own property that is no longer useful or wanted, such as rental property or a vacation home? Do you have artwork or antiques that you no longer enjoy? Do you live in home that won’t be passed on to children? These are all giving opportunities that may have never crossed your mind.

Questions? For more information contact Kent C. Weimer, director of trusts, estates and gift planning, at kent.weimer@phhs.org or 214-266-2036.

 

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