Supercharge Your Giving with Non-Cash Gifts and qualify for the prestigious Legacy Society
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What is the best thing a person can give to Volunteers of America? Taxwise, gifts of securities, real estate or other assets that have gone up in value are the hands-down winners.
Why? Because donors receive a double tax benefit: They can deduct the full fair market value of their appreciated assets, if held for more than one year, not just what they paid originally-and they save again by avoiding all capital gains taxes on their "paper profit." |
Learn the many ways you can leave a legacy of compassion and caring through thoughful gift planning by contacting:
Volunteers of America Northern New England
Email: info@voanne.org
14 Maine Street, Suite 301
Brunswick, Maine 04011
Tel: (207) 373-1140
Fax: (207) 373-1160
Gifts of Appreciated Stock
Gifts of appreciated securities (stocks) are a popular alternative to making a cash gift as they may offer you additional tax advantages. In addition to receiving an income tax deduction for the full market value of the securities, you may also avoid capital gains on the appreciation of your stocks. If your donated securities are used to fund a charitable trust or gift annuity there may be estate and gift tax advantages as well.
To make such a gift, do not sell the stock and donate the proceeds, as this will jeopardize your tax benefits. Instead, notify your broker of your intention and contact us at joinus@voanne.org. When you contact us, please be prepared to provide your broker’s name and telephone number, the name of the stock and number of shares you wish to contribute. We will then contact your broker. You will be notified of the contribution deduction based on the date of your securities transfer.
Advantages of Real Estate Gifts
Real estate can be contributed to Volunteers of America Northern New England with teh same advantages as securities. Benefits of giving real estate may include:
- Reduced income taxes and estate taxes
- Reduced property taxes
- Elimination of insurance nad upkeep costs
- Avoidance of capital gains taxes
- Financial security for loved ones
- Increased lifetime income
- Continued use of the contributed property
Generally, a person who makes a gift of real estate help for more than one year is entitled to an income tax deduction equal to teh full value of the property contributed. In addition, the donor escapes capital gains tax on the profit that would have been taxable if the property had been sold. The donor may also save estate taxes because a lifetime gift of real estate removes the property from a person's taxable estate, and property can even be placed into a trust that pays the donor income for life.
Keep Lifetime Use of Your Gift Property
If you own your home or agricultural property-or even a vacation home-you may be able to make a gift of the property, obtain an immediate income tax deduction and still continue to use the property for as long as your wish.
How does this work? Simply give Volunteers of America Northern New England the property, but retain the right to use it for your life (a "life estate"). You can continue to live in your home or receive income from the farm, and only after your death will the property pass for our benefit. By arranging this gift now, rather than in your will, you receive an immediate income tax deduction for the present value of our future right to receive the property.
Special Planning Needed
Gifts like this require careful planning. We hope you will contact our office to discuss the potential that your legacy gift may have for making a meaningful contribution to our programs. Depending on your individual situation, a legacy gift to Volunteers of America Northern New England can help you manage your personal financial plan and extend your ability to help others for generations. You can make the world a better place for your children and grandchildren when you continue the good work of Volunteers of America by leaving a bequest in your will, acquiring an annuity, or making a gift of appreciated stock, real estate or other assets.