Archdiocese of Galveston-Houston Development Department
PLANNED GIVING
“It's not how much we give, but how much love we put into giving.”
(Blessed Mother Teresa)


It's official—the President has signed the American Taxpayer Relief Act of 2012 into law. The new law gives taxpayers some certainty for at least another year, and in some cases, permanently. Here are some highlights of changes in effect for 2013:

• The IRA charitable rollover is back for 2012 and 2013. Donors age 70½ or older are once again eligible to move up to $100,000 from their IRAs directly to qualified charities without having to pay income taxes on the money. Congress recognized the issues with a late extension and provided two special transition rules:
1) Qualified distributions made by Feb. 1, 2013, may be counted retroactively for the 2012 tax year.
2) A taxpayer who took a distribution from an IRA in December 2012 may make a contribution to a qualified charity before Feb. 1, 2013, and treat this as a direct transfer.

• Capital gains tax rates increase for high-income households. The capital gains and dividend tax rates for high-income households will increase to 20 percent. There will be no capital gains tax for taxpayers whose income falls in tax brackets below 25 percent. The capital gains tax rate will be 15 percent for taxpayers whose income falls at or above the 25 percent tax bracket but below the new 39.6 percent rate.

• Estate, gift and generation-skipping tax exemptions are retained. The new law permanently preserves the current individual gift, estate and generation-skipping tax to a unified $5 million exemption level. This amount will be indexed for inflation in future years. And it would raise the top rate to 40 percent from the current 35 percent. The new law also allows the executor of a deceased spouse's estate to transfer any unused exemption to the surviving spouse. This portability provision is also made permanent.

*Excerpts from Stelter Company - Planned Giving Update 1/3/13


Learn More

Your tax or legal advisor can provide you with additional information. For information on making a gift to your parish or the Archdiocese, contact Michael Schillaci at 713-652-4418 or [email protected].


A perfect way to make your donation to the Sent to Build Community Capital Campaign!