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What to Give Now
 There are a variety of assets you can use to open a fund at the community foundation today. These include:
Cash
Closely Held Stock
Publicly Traded Securities and Mutual Fund Shares
Real Estate
Interest in a Limited Liability Partnership
Other Assets: Life Estates, Life Insurance Policies,
Royalties
Gifts of cash enable you to claim a current tax deduction of up to 50 percent of your adjusted gross income, and contributions over that limit can be carried forward for up to five subsequent years.
Gifts of publicly traded stock offer you the advantage of giving today with appreciated securities. You may have purchased the stock for far less than the today's price. Give a larger gift than you may have thought possible. Avoid capital gains tax. Earn the largest charitable gift deduction. It is easy to do. Just download and fill out this simple Gift of Stock form. Email it to Chris Askin and your gift will be on its way. Call Chris Askin 775-787-0285 for more information.
As an owner of a closely held or family business, you may be considering a family foundation — but have discovered that there are restrictions applying to private foundations and closely held business interests.
A partnership with the community foundation is a cost-effective way to give the biggest possible gift while minimizing your tax liability. The community foundation can be particularly helpful in the following instances:
- Helping to pass ownership of your company to children or key employees while not straining available assets and liquidity
- Selling your company and planning to minimize estate taxes
- Getting equity out of your company to provide income
- Creating a family philanthropic program using the assets of your business
Please contact Chris Askin, President and CEO 775-333-5499 to learn more about gifts of closely held stock.
A contribution of appreciated securities or mutual fund shares can produce significant tax savings, while allowing you to be more philanthropic than you thought possible. That’s because you receive a double benefit:
- An immediate charitable deduction for the full fair market value of the donated assets
- Exemption to any capital gains tax on the appreciation
The fair market value of contributed securities can be deducted up to 30 percent of your adjusted gross income. In addition, if the amount is larger than you can use in one year, the surplus can be carried forward for up to five subsequent years.
Gifts of real estate can include a house, apartment building, farm, vacation home, commercial buildings and income-producing and non-income-producing land. You can make an outright gift of real property now or through your estate — or use it to fund a charitable remainder trust that provides income to you or your children.
A gift of real estate that you have owned for more than a year entitles you to a tax deduction for the full fair market value of the property while allowing you to avoid paying capital gains tax.
Gifts of real estate typically require certain procedural steps, including a site visit to the property, a qualified appraisal, a preliminary title report and an environmental assessment. Please contact Chris Askin, President and CEO at 775-333-5499 to learn more about gifts of real estate to the community foundation.
If you own limited partnership interests, such as investment or business partnerships, you can contribute them to the foundation. Individuals holding family limited partnership interests can also consider this type of charitable gift.
While donations of these and other more complicated assets require care, consideration and planning, the community foundation has the flexibility and expertise to accept them in most cases.
Life Estates
You can benefit today from the future gift of a home or vacation home. You can continue to live in the home for life and enjoy a current income tax deduction. The community foundation will ultimately sell the property and use the proceeds to support the charitable purposes you care about most.
Life Insurance Policies
Many people find that the protection offered by life insurance policies is no longer needed later in life. A life insurance policy can become an ideal tool for charitable giving.
The procedure is simple — you start by irrevocably assigning your insurance policy to the community foundation. The community foundation is also named beneficiary of the policy. You can make annual tax-deductible contributions to cover the policy’s annual premium. Or, if the policy is paid up, you will receive an immediate tax deduction in an amount equal to the policy’s cash surrender value.
There are many ways to promote charitable interests using royalty payments and other interests, from assigning royalty points to making transfers of income-producing intellectual property rights such as books, movies and images.
Please contact us at 775-333-5499 for more information about the many types of assets that can be used to establish a fund at the Community Foundation of Western Nevada.
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