 Contact Director of Gift Planning Carol Bradford today at (213) 413-4130 to learn more. |
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We accept any of the assets listed below when you open a fund at the foundation:
Cash
Cash, usually in the form of a check, is a convenient way to support worthy causes in the community. Gifts of cash enable donors to claim a current tax deduction of up to 50 percent of adjusted gross income, and contributions over that limit can be carried forward for up to five subsequent years.
Closely Held Stock
As an owner of a closely held or family business, you may be considering a family foundation, but have discovered that there are restrictions that apply to private foundations and closely held business interests.
A partnership with the foundation is a cost-effective way to maximize your philanthropic options while minimizing your tax liability. The foundation can be particularly helpful in the following instances:
- Helping to pass ownership of your company to children or key employees while not straining available assets and liquidity.
- Selling your company and planning to minimize estate taxes.
- Getting equity out of your company to provide income.
- Creating a family philanthropic program using the assets of your business.
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Limited Partnership
The foundation accepts limited partnership interests, such as investment or business partnerships. Individuals holding their families’ limited partnership interests may also consider contributing this type of asset.
While donations of these and other more complicated assets require care, consideration and planning, the foundation has the flexibility and expertise to accept them in most cases.
Publicly Traded Securities and Mutual Fund Shares
You may be able to save on taxes when you contribute appreciated securities or mutual fund shares. At the same time, this may allow you to be more charitable than you thought possible.
That’s because you receive a double benefit:
- An immediate charitable deduction for the full fair market value of the donated assets
- Exemption to any capital gains tax on the appreciation
The fair market value of contributed securities can be deducted up to 30 percent of your adjusted gross income. If the amount is larger than you can use in one year, the surplus can be carried over to up to five subsequent years.
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Real Estate
Gifts of real estate may include a house, apartment building, farm, vacation home, commercial buildings and income-producing and non-income-producing land. You can make an outright gift of real property now or through your estate — or use it to fund a charitable remainder trust that provides income to you or your children.
A gift of real estate that you have owned for more than a year entitles you to a tax deduction for the full fair market value of the property while allowing you to avoid paying capital gains tax.
Gifts of real estate typically require certain procedural steps, including a site visit to the property, a qualified appraisal, a preliminary title report and an environmental assessment.
Other Assets
Life Estates
You can benefit today from the future gift of a home or vacation home. You can continue to live in the home for life and enjoy a current income tax deduction. The foundation will ultimately sell the property and use the proceeds to support the charitable purposes you care about most.
Life Insurance Policies
Many people find that the protection offered by life insurance policies no longer is needed later in life and use it as a tool for charitable giving.
The procedure is simple — you start by irrevocably assigning your insurance policy to the foundation. The foundation also is named beneficiary of the policy. You can make annual tax-deductible contributions to cover the policy’s annual premium. If the policy is paid up, you will receive an immediate tax deduction in an amount equal to the policy’s cash surrender value.
Royalties and Intellectual Property Rights
You may donate proceeds from royalty payments and other interests, from assigning royalty points to making transfers of income-producing intellectual property rights such as books, movies and images.
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