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Creative Ways to Make a Charitable Gift

by Our Lady of Victory Homes of Charity
Thu, Jul 14th 2016 11:00 am

Your charitable donations don't always have to be in cash. There are a variety of other ways to show your commitment to your favorite charity. Stocks and other financial assets are one option. Many donors name Our Lady of Victory Homes of Charity as the beneficiary of a life insurance policy or a commercial annuity. Another option is making a charitable gift of "tangible personal property" (TPP) such as antiques, precious jewelry, valuable works of art or even real estate.

In many cases donating tangible personal property can have greater tax advantages over donations of cash, stocks or financial assets.While stocks and other financial assets are subject to a 15% capital gains tax; many types of appreciated TPP can be taxed at a rate of 28%. 

 

A gift of personal property such as a personal residence, vacation home or family farm offers tax advantages to reduce capital gains over the outright sale of the property.  In addition, rather than depleting cash savings, donating personal property while alive has the special benefit which would allow you to remain in the residence until your passing.

Our Lady of Victory Homes of Charity has a Gift Acceptance Committee. This internal committee looks at all proposed TPP gifts to determine whether they are mutually beneficial for our organization and for you, the donor. If you are interested in learning more about gifts of tangible personal property, stocks or other assets, please contact us at 716-828-9610.

It is always our recommendation that donors consult their financial advisor when making major gifts to ensure they are aware of all the implications.