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What is the first thing you picture when you think of charitable giving?
Perhaps it’s putting cash in a collection box, choosing the roundup at the grocery store checkout, or writing a check to an organization. These examples have one thing in common: they all come directly from your monetary income.
But the fact is that 98% of assets in the US do not live in checking accounts. For example, many exist in the form of associated assets, including:
- Investments, such as stocks or bonds
- Personal Property, such as vehicles or real estate
- Intellectual Property, such as patents or trademarks
When you exclude these assets from your charitable giving, you may be leaving money on the table for both you AND organizations like Elevate.
Planned giving is an opportunity to get creative with your charitable donation - and save yourself serious tax dollars. By donating your associated assets directly, you can guarantee more money for both you and the organization because it allows both parties to bypass capital gains tax. As a tax-exempt organization, Elevate would receive the full amount of your gift, and you would still receive a tax deduction for the full amount, despite never paying taxes on the income.
Click on the video below to hear more examples of how you can use your non-cash assets to maximize benefit for you and the recipient of your donation from our Planned Giving coach, Mark Weaver.
Your non-cash assets are more powerful than you realize. With the guidance of a tax professional, you can think outside the box to find the planned giving strategy that works for you. In doing so, you could help Elevate change the lives of even more students in our city - and still receive significant tax deductions.
And if you could create maximum impact AND save your tax money, wouldn’t you?
We aim to offer charitable giving options that work for you, our generous donors. Taking this quick survey will help the Elevate team make Planned Giving a more accessible, sustainable program for you.
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