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LETTER FROM NANCY MIDDLETON AND FAMILY
Addressed to Kathy Sturkey, LARC Executive Director.
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We are always grateful for wonderful letter like this! |
Dear Kathy,
My brother, Barry, has been at LARC almost a year. This has been the greatest gift for Barry and our family. Barry LOVES LARC!! He tells me all the time that I found LARC for him and how much he loves it (With great emotion in his voice). Last night, as we brought him home for Christmas, he referred to LARC as “home” and our home as “the house". What a Christmas gift that was! I am so grateful!
On every level we find that no matter what we can do for Barry, LARC can do it better. We are still in awe of all you do for Barry and how well you do it! I tell everyone about LARC and the LARC Video tape is in constant evaluation.
Kathy, when I first met you and you spent 3 hours showing me the ranch (and I teared up 3 times), you forgot to tell me something very special. I thought I was giving up a brother (the love of my life). You didn’t tell me I was getting a whole extended family that I would love just l like my precious brother. There are so many …Susie, Joseph, Danny, Scotty, Leah, Frances, Nancy, Gary to name a few. I’m always greeted with joy and hugs and “I love you”. I love these guys dearly. There is no place I feel more happiness or love than when I come to visit LARC. Your residents are the absolute proof of the job you all do at LARC.
God Bless everyone!
Nancy Middleton and Family |
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IT'S
YOUR MONEY - WHAT YOU NEED TO KNOW ABOUT CHARITABLE
GIVING
by Theodore Wolfberg, Esq.
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Theodore Wolfberg, Esq. is LARC board emeritus. He served on the LARC board for over 20 years, and just retired from it last year. His law firm is involved in long-term estate planning. |
Charitable giving can take several forms:
1. DIRECT GIFT
- The most common is to give cash, appreciated stocks,
your motor vehicle or other items of value directly
to the charity of your choice. In the case of assets
that have increased in value, you may take a deduction
at the current market value and will avoid any capital
gains tax on the gift.
2. CHARITABLE REMAINDER
TRUST - A charitable remainder trust allows
for a payout stream to you during your lifetime with
the remainder to the charity. There are two types
of charitable remainder trusts: The
Charitable Remainder Annuity Trust or CRAT
and the Charitable
Remainder Unitrust or CRUT.
The CRAT will
pay you a certain fixed amount each year based on
you age and the amount you contribute to the CRAT.
The CRUT pays
out variable amounts based on the annual value of
the assets you put into the trust. The CRAT
is usually recommended to those who are concerned
about negative changes in the stock market. The CRUT
is usually recommended for those who expect to live
a longer period of time and expect the stock market
to rise over time.
3. CHARITABLE GIFT
ANNUITY - With a charitable gift annuity you
enter into a contract with the charity of your choice
and this kind of trust gives cash or securities to
the charity and receives annuity payments during your
lifetime. There should be a income tax charitable
deduction during your lifetime, less the value of
the annuity.
4. CHARITABLE LEAD
TRUST - This form of trust gives income to
the charity during your lifetime and your beneficiaries
get the assets at your death. The charity will receive
a fixed amount annually from the trust. These trusts
are not exempt from income and capital gains taxes.
Talk to your attorney or certified public accountant
about charitable giving. One of these trusts may be
suitable for achieving your estate planning, financial
and philanthropic goals.
You should consult your
tax or legal advisors as to the suitability of any
of these trusts in your estate planning. This article
is for general informational purposes only and should
not be considered advise to use any of these methods
of charitable giving.
Theodore Wolfberg, Esq.
LARC Foundation Board Emeritus
2001 Wilshire Blvd., #205, Santa Monica, CA 90403
Telephone: 1-800-997-8348 |
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EARNED
INCOME CREDIT
by Wayne Wright
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Working?
Low income?
Don't let the IRS Earned Income Credit pass
you by. |
Many of the residents here at LARC
Ranch have incomes well below the poverty level.
Even still, a good percentage of them work meaningful
jobs; either in the community, or at government funded
workshops. To them, a few dollars more in their pockets
is a big deal and a huge help.
The Internal Revenue
Service has a program in place to put money
in the pockets of working low-income taxpayers. This
is a refundable credit called the Earned
Income Credit. Simply put, a refundable credit
means that a taxpayer can qualify for a federal refund,
even if that taxpayer didn't pay a cent in federal
income taxes! Many taxpayers don't realize that it
is not necessary to have a dependent child in order
to qualify for the Earned
Income Credit. For several years, the IRS
has been increasing the income range in which a taxpayer
with no dependents can still qualify for the credit.
For tax year 2002, a taxpayer can make up to $11,000,
before the credit is phased out entirely. At income
levels of $4,900 - $6,100, the taxpayer qualifies
for an earned income credit of $376. To a low-income
person, $376 can truly make a difference.
Many working developmentally challenged adults qualify
for this credit. There are some qualification parameters.
In order to qualify for the credit, the taxpayer must
be at least 25 years of age, but under 65 at the end
of the tax year. The taxpayer generally cannot earn
more than $2,550 from investment income, such as interest
and dividends. Of course, the taxpayer cannot be claimed
by another taxpayer as a dependent. The income qualification
for tax year 2002 was work earnings of $1 - $11,000.
Each year, the income range is adjusted by a cost-of-living
index.
What do I have to do to get this credit? It's simple.
File your tax returns if you have income from working,
even if you are legally not required to do so, because
of low income. If the calculation of the earned income
credit seems daunting to you, leave the line item
blank and the IRS
will automatically calculate it for you. It doesn't
get much easier than that. I have been filing tax
returns for residents of LARC
for years, so that they can receive their refunds
from the Earned Income
Credit.
There are organizations across the United
States, who will file simple income tax returns
for free, if the taxpayer is under a certain income
level (under $34,000 was listed in the IRS
website in August 2003). The Volunteer
Income Tax Assistance program (VITA)
is a very good source for this type of service. Many
universities and colleges have the VITA
program in place as a community service, and as an
excellent training program for their students. Many
VITA centers
also have volunteer tax preparers fluent in various
foreign languages. To find a VITA
center in California,
go to the Franchise
Tax Board website at http://www.ftb.ca.gov/vita_tce/index.asp
and type in a city near you in the search engine.
I tried this site. It didn't find any VITA
centers in my hometown of Santa
Clarita, but it did find 3 VITA
centers in Northridge,
CA. Keep in
mind that most VITA
centers are only open during tax season.
If you have any questions regarding the Earned
Income Credit give me a call at (661)
296-8636, ext. 230
or email me at wwright@larcfoundation.org.
Wayne Wright, E.A.
Comptroller, LARC Foundation |
