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If your goal is to make a simple “no strings attached” gift now, an outright legacy gift to your church or other charitable cause is the type of legacy gift to make.
An outright legacy gift is a gift of one or more assets during your lifetime. The charity becomes the full owner of what you give it.
Any type of asset may be used---principal cash; stocks, bonds, mutual fund shares; real estate; cash value life insurance policies; retirement accounts; and interests in business.
Using appreciated assets to make an outright legacy gift can provide several benefits---a charitable income tax deduction based on the current market value of the asset (if you’ve owned it for at least a year) and avoidance of all or a portion of the capital gains tax that would be incurred if you sold the asset.
The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.
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