By Laurie Valentine-Acting President, CFO & Trust Counsel
If making a simple gift now without keeping for yourself any rights or interest in what you give sounds like something you want to do, an outright legacy gift to your church or other charitable cause is the type of charitable gift that will accomplish that objective.
An outright legacy gift is a gift of an asset to charity during your lifetime. The charity becomes the full owner of what you give it and you have no further right to income or anything else from the asset you give.
Any type of asset may be used—cash; stocks; bonds; mutual fund shares; real estate; cash value life insurance policies; and interests in business.
Using appreciated assets to make an outright legacy gift can provide several benefits including a charitable income tax deduction based on the current market value of the gifted asset (if you’ve owned it for at least a year) and avoidance of the capital gains tax that would be incurred if you sold the asset.
Make a lasting difference for the cause of Christ in this world through an outright, “no strings attached” legacy gift to your church or other Christian cause.
For more information, please call us at (502) 489-3533 or toll free in KY at 1(866) 489-3533.
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.