PLANNED GIVING
We can help you plan a meaningful gift that takes full advantage of the available tax benefits—income, capital gains, or estate—and can also help provide for you and your loved ones.
Appreciated Property
Examples of appreciated property include stocks and other securities, real estate, and personal property—such as art, antiques, rare books, and coins. Several tax benefits are available:
1. For commonly traded stocks and securities held for more than one year, the charitable deduction is the current, fair market value.
2. For real estate or closely held stock owned for more than one year, the charitable deduction is the current fair market value as determined by an appraisal. The deductible amount is up to 30 percent of your adjusted gross income; a deduction in excess of that percentage can be carried over for five years.
SECURITIES
Gift of Stock
Gifts of appreciated securities provide financial support to S.O.M.O.S. as well as tax benefits for the donor. If securities have been held for more than one year, the charitable deduction is the current fair market value. If the donated securities have gone up in value over the donor’s holding period, a gift to S.O.M.O.S. may be made without incurring a liability for capital gains taxes.
Gifts of Real Estate and/or Personal Property
Real estate and/or personal property—such as art, jewelry, or rare coins—can be an excellent asset to fund a charitable gift. Important benefits of using appreciated real estate include the ability to secure an income-tax charitable deduction and escape the capital-gains tax that would be due if the property were sold.
When deeding a residence or farm to S.O.M.O.S., you can make a gift of the remainder interest on the property while continuing to live there.
Gift of Life Insurance
By naming S.O.M.O.S. as both owner and irrevocable beneficiary of a life insurance policy, you make a gift at a relatively low cost.
Gift of Retirement Plan
You can designate S.O.M.O.S. to receive any remaining assets on your pension or profit-sharing plan while maintaining complete access to your retirement plan assets during your lifetime.
Charitable Bequest
A bequest is a gift specified in a will or trust that allows the donor to retain all assets during his or her life. Several types of bequests are possible:
1. With a general bequest, you simply leave specified dollar amount to S.O.M.O.S.
2. In a specific bequest, you designate certain asset items (whose value may change over time).
3. A residuary bequest allows you to assign a certain percentage of your estate's value to S.O.M.O.S. and helps ensure that each beneficiary receives a constant proportion even though changes may occur in the size of the estate.
There is no limit on the amount that can be deducted from your taxable estate, and since estate tax rates are graduated—the larger the estate, the greater percentage of tax owed—a bequest may reduce the percentage of tax owed on the remainder of your estate.
229 Paseo del Pueblo Sur
P.O. Box 3225
Taos, NM 87571
505-758-0081
Toll-Free 877-758-7343
FAX 505-758-4802
