- 07 September 2013
As a major benefactor of SCPR Foundation, there is an open invitation to serve as a charter member on the Shawnee County Parks & Recreation Foundation Board. The Community Foundation will manage the Foundation funds under agreement with Shawnee County Parks & Recreation. The Topeka Community Foundation is a 501c3 not-for-profit organization. Contributions are tax deductible.
Below is a list of a few tax deduction and estate tax options available today:
1. Conservation Easements
The estate tax is a serious obstacle for families that want to keep their land but lack sufficient other resources to pay a big estate tax bill. For families whose land has significant conservation value, as wildlife habitat or open space for example, donating a “conservation easement” offers an important tool for reducing estate taxes while preserving the character of the property for future generations.
2. Reverse Mortgage
A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. The full value of a home owned outright (mortgage free) is subject to estate tax, but a reverse mortgage lien against the property reduces its value, lowering estate taxes.
3. Endowment Giving
Many donors choose to establish or contribute to an endowed fund, creating a lasting legacy. The income from the endowment provides ongoing support to the donor's chosen priority.
4. Tax Deductions for Non-Profit Donations
Giving to 501c3 not-for-profit organization is a great tax planning strategy.
To discuss giving through Tax & Estate Planning, please contact:
Rachel Meyer - Partnership Development Coordinator
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