Your act of generosity, our longevity.
With gift planning, you can provide long-lasting support for our organization while enjoying financial benefits for yourself.
As is the case with many families, there are times each year when Jim and Sharon focus their attention on gift giving. For years, they have created a gift list that includes family members, friends and loved ones. Last year, Jim and Sharon made an addition to their list and began including Boys Home.
Years ago, I inherited stock from my grandmother. Earlier this year, we
decided to sell some of the stock. After we sold the stock, our CPA told us
we would need to pay capital gains of nearly $120,000 from the sale.
Jim: That came as kind of a shock. The CPA started to talk about ways we could offset the capital gains tax bill. We told her we wanted to make substantial gifts to Boys Home. Years ago, a neighbor child went to Boys Home to live and go to school. He had been a serious problem child, to the extent that he was suspended from school more than once. After three years he graduated and returned home. We could not believe the changes he had made! He was a completely different person and is now in college studying to be a teacher. Boys Home does remarkable work and we wanted to help them. Our CPA advised us that if we gave some of the remaining stock before the end of the year, we could receive a charitable deduction that would help offset the capital gains tax on the stock we sold.
Sharon: We contacted Boys Home to discuss the best way to make a gift of stock. A man in the development department explained the process and provided us with instructions that allowed our broker to directly transfer stock from our account to Boys Home's brokerage account.
Jim: That is what we decided to do. By transferring $80,000 in stock outright to charity, we received two benefits. First, we avoided a large capital gains tax on that stock, and second, we received a charitable deduction. The deduction even offset all of the capital gains from the stock sale. We are very pleased with the double benefits of our gift. Needless to say, we are also pleased that we were able to provide Boys Home with a very nice gift!