At Liberty Lutheran, we are keeping a close watch on the proposed changes to the United States tax code. While the changes have yet to be finalized, there are aspects being proposed that may affect the residents and members of our communities.
For the seniors in our care, there are two major changes that could affect their wellbeing and their carefully constructed budgets that were planned years in advance.
Any proposed changes in Social Security, Medicaid and Medicare, services many of our residents rely on, would mean more out of pocket expenses. Changes in medical deduction allowances affect seniors disproportionately as many have come to rely on those deductions.
Combined, these changes could be devastating to our residents who live on fixed-incomes. As they exhaust their savings much earlier than ever expected, this could lead to more residents depending on Liberty’s benevolent care program.
You can provide security today for residents worried about their financial resources. Click here to give today to our benevolent care fund.
There are two other ways to make a gift and save on taxes by the end of the year.
Consider donating appreciated stock, bonds or mutual fund shares, which allows you to take a charitable deduction for the fair market value of the stock and avoid the capital gains tax that you would pay if you sold the shares and then donated the proceeds to Liberty Lutheran. Click here for more information.
Some people have found that a convenient way to support Liberty Lutheran is through a tax benefit known as the Charitable IRA Rollover. For those who are 70½ years of age or older, this benefit allows you to give up to $100,000 from an IRA to a charity, with the donation counting towards your minimum required distribution. The benefit – the donor can deduct the full amount of the donation from gross income for tax purposes. Click here for more information on IRAs.
We are truly grateful for your support and friendship, and hope you will consider Liberty Lutheran Services among your year-end charitable giving decisions.