This month on the Power of United Impact, we are featuring an icon from the St. Louis community, Dr. Donald Suggs, publisher of the St. Louis American. We discussed Black History Month, his professional journey, St. Louis’s heyday, and more.
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The United Way Life® program offers a meaningful way to support United Way of Greater St. Louis. Your contributions to the premium payments are tax-deductible, with payments capped at five years. This program allows you to make a lasting impact in our communities while benefiting from immediate tax advantages.
Benefits of United Way Life© Insurance:
A Cy Pres award allows unclaimed or leftover funds from a class action settlement or legal judgment to be distributed to a nonprofit organization that serves an important public purpose or whose mission aligns with the original lawsuit. This ensures that the funds are used to support causes that benefit a broader community or advance a related cause. To learn more about Cy Pres Awards, click here.
A charitable remainder trust (CRT) is an irrevocable trust that generates a potential income stream for you, as the donor to the CRT, or other beneficiaries, with the remainder of the donated assets going to your favorite charity or charities.
A charitable lead trust (CLT) is a gift of cash or other property to an irrevocable trust where United Way of Greater St. Louis receives an income stream from the trust for a term of years. After the income stream period ends, the remainder assets are distributed to the non-charitable beneficiaries.
A charitable gift annuity (CGA) is a contract under which United Way of Greater St. Louis, in return for an irrevocable transfer of cash or other property, agrees to pay the annuitant(s) a lifetime income. The maximum number of annuitants is two, and payments can be made to them jointly or successively.
Benefits for Donors:
Your greatest gift is your legacy. There are many ways to make a charitable bequest. In fact, a bequest is one of the easiest gifts to make. When you create or update your will, trust, retirement plan or life insurance, you can name United Way as your beneficiary or contingent beneficiary.
Legal Name: United Way of Greater St. Louis
Address: 910 N. 11th St. St. Louis, MO 63101
Federal Tax ID Number: 43-0714167
If you need assistance with will planning, United Way of Greater St. Louis partners with FreeWill, a free online tool that guides you through the process of creating a will in just 20 minutes. Begin your legacy using FreeWill today.
Starting at age 73 the IRS mandates IRA owners to take annual income withdrawals, known as Required Minimum Distributions (RMDs). Failure to take these withdrawals could subject IRA owners to stiff penalties.
Rather than being forced to take a distribution that can raise your taxable income, many donors use their RMDs to make a Qualified Charitable Deduction (QCD). A QCD excludes the amount donated from taxable income and may reduce the impact to certain tax credits and deductions, including Social Security and Medicare. Also, QCDs don’t require that you itemize on your taxes. There are certain requirements that must be met to use your RMD as a QCD, including:
Donating stock can help you avoid capital gains tax and complement your annual gift. To proceed, provide your broker with written authorization, including the stock name, number of shares, and that the donation is for United Way of Greater St. Louis. Learn more about donating stock here.
Donating to United Way of Greater St. Louis through your donor advised fund (DAF) offers a convenient and flexible way to give when the time is right for you. Click here to learn more about DAFs.
Tax credits allow Missouri taxpayers to direct their state tax dollars to United Way of Greater St. Louis. To inquire about tax credit availability, email philanthropy@unitedwaystl.org.