OTHER WAYS TO GIVE
Gifts of life insurance, stock, cars, or real estate allow you to see the benefit of your gift during your lifetime. They also provide the largest immediate income tax deduction and remove the property from your estate. Gifts of securities or real estate can also reduce or eliminate capital gains taxes.
Gifts of Stock
Many JFCS donors choose to make their gifts through appreciated stock. By choosing a stock gift, you gain the satisfaction of supporting people in need, while bypassing capital gains taxes and receiving substantial income tax deductions.
Click here to start the simply process to donate your car. Or, with one simple phone call, you can help provide essential services to JFCS clients in our community. When you donate your car, our service picks it up and handles all of the paperwork.
Life Insurance Gifts
You may transfer ownership of a life insurance policy to Jewish Family and Children’s Services or make JFCS the beneficiary of the insurance policy. This type of gift is particularly popular with donors who have taken out “extra” life insurance policies that will not be needed and those who wish to make a large philanthropic gift to benefit JFCS but cannot afford to make an outright gift.
It is not difficult to make a life insurance gift. All that is required is completing a change of ownership/beneficiary form that can be supplied by your insurance company. A life insurance gift, you receive an income tax deduction for the paid-up life insurance policy’s replacement value.
Real Estate Gifts
More and more businesses and individuals are realizing the benefits of donating real estate to charities. A gift of real property to JFCS makes sense for several reasons, not the least of which is avoiding the expense of marketing the property. Donations of land can produce highly beneficial tax results. Many real estate holdings have appreciated greatly in recent years and may be subject to capital gains taxes if sold. Donation of real estate directly to JFCS or through the use of a charitable remainder trust often minimizes these taxes and provides an income tax deduction.
So when you give a gift of your home or real property to JFCS, you may claim an income tax charitable deduction based on the full market value of the gift, avoid capital gains taxes, and eliminate certain costs associated with the transfer of real property. Gifts of real estate can also provide income for you.
Because special IRS regulations apply to the contribution of real estate, such as substantiation of value through a “qualified appraisal” and depreciation recapture, it is important to obtain professional advice if you are thinking about donating real estate.
To learn more about making non-cash gifts to JFCS, please contact us. We are happy to assist.