Leaving your Legacy: Gifts of Appreciated Securities
JFS Orlando has been chosen to be a partner in the Tampa-Orlando-Pinellas (TOP) Jewish Foundation and the Harold Grinspoon Foundation “Life and Legacy Program”. The goal of the Program is for the partner agencies and synagogues to embark on a legacy building program benefiting the entire Jewish community. Discussions will be held with donors and friends of JFS who will be asked to consider naming JFS in their estates so that JFS can continue to provide its life saving and enhancing work for years into the future. The following is the second in a series of articles about legacy giving.
Whether the stock market is up or down – it’s always a good time to give. You might be surprised to know that a gift of appreciated stock can be a win-win situation for you and JFS Orlando and that giving now rather than at the end of the year makes a lot of financial sense.
Every donation can make a difference in someone’s life – in this case, yours and JFS Orlando. A stock donation will leave you with the feeling of helping JFS care for the needy and elderly and you can also receive an immediate income-tax deduction for the full fair market value of the securities on the date of transfer. In addition, you pay no capital gains tax on the gain.
Here’s how it works:
- Notify your brokerage firm or trust company of your desire to gift shares of stock to JFS Orlando.
- Notify Eric Geboff, Executive Director, JFS that the trade is taking place. Provide information relative to whom the donation should be credited to, the type of securities and the amount of shares being sold.
- The stock will be sold upon receipt by JFS and credited to you when JFS receives a check.
Gifts of appreciated securities that you have held for longer than 12 months offer a two-fold tax savings:
- If you itemize your deductions, you may receive a charitable income tax deduction for the full fair market value of the securities on the date of the gift.
- You do not pay capital gains tax on the increase in the value of the securities. For example if the securities originally cost $2,000 and now have a fair market value of $10,000, you do not pay tax on the $8,000 gain.
If you have any questions regarding donating appreciate stock, charitable gift annuities or life insurance legacy gifts, please contact Eric Geboff, Executive Director, JFS Orlando at 407-644-7593 x 238 or email@example.com.