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The VMRC Foundation is a central part of the VMRC mission -- to Age Well, Live Fully. Through the VMRC Foundation, you can help create a community of hope, meaningful life and growth for residents, families and employees.
The Foundation's top priority is to secure compassion funding through the Good Samaritan Fund and the Compassion Endowment for residents in Complete Living Care and Assisted Living who no longer have the resources to cover their cost of care.
The CARES Act has several items related to charitable giving for tax year 2020 that might be of interest to you. As always, check with your tax advisor to evaluate how this may affect you personally.
1 – You can take a charitable deduction of up to $300 even if you don’t itemize. If you normally take the higher standard deduction, you can still take the $300 charitable deduction for 2020 in addition.
2 – Cash contribution limitations are lifted for itemizers who give to public charities. Prior to 2020, deductible gifts to public charities were limited to 60% of Adjusted Gross Income. In 2020, you can gift up to 100% of your Adjusted Gross Income, with excesses carried forward for up to five years.
3 - Required Minimum Distributions from your IRA are suspended for 2020. Although you do not need to take an RMD this year, it may still make sense for you to make your charitable gifts using the Qualified Charitable Distribution from your IRA. Plus, if you planned to give a larger gift this year, the $100,000 limit on withdrawal from your IRA is lifted for 2020.
It is wise to consult your tax or financial advisor before utilizing any of these new tools included in the CARES Act.
If you wish to explore these opportunities or include VMRC in your will, feel free to explore the opportunities here or contact Les Helmuth, CFRE, Executive Director of the VMRC Foundation at 540-564-6556 or via email at firstname.lastname@example.org.