With the COVID-19 pandemic, this moment in time is a complex challenge for all of us. But through it all, one thing remains steadfast and strong: Massachusetts General Hospital is here for you under any conditions. Thank you for staying connected and supporting our health care workers and patients by giving to Mass General’s Emergency Response Fund.
Like any significant moment in our lives, COVID-19 forces us to look at our long-term goals. If structuring your charitable giving plan for Mass General is one of your goals, now is an ideal time to think about your legacy at the hospital.
If structuring your charitable giving plan for Mass General is one of your goals, now is an ideal time to think about your legacy at the hospital.
Most immediately, the Coronavirus Aid, Relief, and Economic Security Act, the CARES Act, spells out new tax rules for charitable giving this year.
Here’s What you Need to Know:
- First and foremost, you will want to talk to your financial and tax advisors to confirm your best strategy.
- If you itemize deductions on your taxes, this year you can deduct cash gifts to Mass General up to 100 percent of your 2020 income. In theory, it means that you could reduce your federal income tax to zero. But remember, because federal income tax rates are progressive, you should work with your advisors to learn if this will work for you.
- If you do not itemize your deductions, you may reduce your taxable income by up to $300 per tax return by making charitable contributions in 2020.
Creative Ways to Make an Impact
If you are inspired to help but cannot part with assets in this uncertain economy, planned gifts like a charitable bequest in your will or revocable living trust are flexible and protect your assets while you need them for your family today.
Even easier is a gift to Mass General from your qualified retirement plan. You can contact your IRA administrator to update your beneficiary form to make Mass General a full or partial recipient of the account’s ultimate assets. If you are age 70 ½ or older, you may also make qualified charitable contributions from an IRA directly to Mass General tax-free.
Another idea that may make sense for you is to receive a fixed stream of income in exchange for your gift to Mass General of cash or stock. The simple and accessible charitable gift annuity is a creative way to support Mass General and create tax savings for you and your family.
For more than 200 years, Mass General has led medical discovery and innovation. Today, we are on the front lines of a campaign against COVID-19. Tomorrow, our model of compassionate patient care and bold research breakthroughs will help create a healthier and safer world for future generations. Thank you for considering how you will partner with Mass General now and define your permanent legacy.
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