Helpful Reminders on End-of-year Charitable Giving

Tis the season of giving and goodwill. And there is no better way to welcome in the holiday season than by making a charitable gift to the Silver Cross Foundation. You are not only helping Silver Cross Hospital continue to provide the very best care for patients of all ages close to home, but you might be able to benefit as well by maximizing potential tax deductions.

“Silver Cross Hospital is vital to the health of our community and depends on donations and volunteers to make the biggest impact,” said Craig Lyons, Chairman of the Silver Cross Foundation Board of Directors.  “No matter the size of your donation, every dollar can make a huge difference and you can support Silver Cross in achieving its mission. Plus, helping others can be deeply rewarding and you’ll likely feel the positive effects too. Your charitable donations can also inspire your co-workers, friends, and loved ones to give the Hospital —causing a wonderful ripple.”

If you want to claim a charitable deduction on your taxes this year, all donations must be made by December 31, 2024. The fastest and easiest way is to donate is online at silvercross.org/giving allowing you to rack up your credit/debit cards points or use you Pay Pal or Venmo App. 

You can also send a check from your personal account, donor advised fund, or IRA/retirement fund to the Silver Cross Foundation, 1900 Silver Cross Blvd., New Lenox, IL 60451. It must be postmarked by December 31 to qualify as a 2024 gift. Please make sure your name and contact information is included to receive an acknowledgement for your tax filing.

Donating stock and appreciated securities to the Silver Cross Foundation allows you to deduct the fair market value of the stock (up to 305 of your adjusted gross income) from your 2024 taxes. You won’t have to pay capital gains tax on the appreciation. This can often be a bigger tax deduction than if you donated cash. Contact the Silver Cross Foundation at (815) 300-7105 for the account information to share with your brokerage firm. If you donate more than the deduction limit in a year, you can carry the excess forward to apply as a deduction in a future tax year. You can carry forward excess contributions for up to five years. 

“You can make your gift in honor or memory of someone special and designate how you would like your contribution to be used – for the area of greatest need (unrestricted) or a specific service or program,” said Tracy Simons, Executive Director of the Silver Cross Foundation.

Many employers will also match, double, or even triple your gift to Silver Cross. Simply check online to see if your company has a matching gift program and then submit the required form. It’s that easy.

And don’t forget to include the Silver Cross Foundation as a benefactor in your will, trust, or life insurance policy.  These gifts cost you nothing now yet have significant tax benefits for your heirs. You will also be creating a legacy by supporting a nationally recognized healthcare organization close to home. Learn more during our Free Estate Planning Webinar on Jan. 22 at Noon. Sign-up online.

If you have already included Silver Cross in your estate plans, Thank You! Please let us know so we can welcome you into the Silver Cross Legacy Society.