When it comes to donating to your favorite charity, the old adage of “cash is king” might not be as true as it once was. Most certainly, a cash donation is a very generous and personal gift and is truly appreciated. However, it might not be the type of donation that best meets your goals.
For example, if you have long-term appreciated stock and you have a goal to liquidate it, you could likely avoid the capital gains tax and get a charitable deduction should you choose to donate the proceeds instead of cashing out the stock.* This scenario could actually help you meet multiple goals; one, to liquidate the stock and two, to achieve your annual philanthropy goal.
Personal goals are just that, personal, and most certainly different from one person to the next. Thus, as you contemplate how best to satisfy those goals, it is always helpful to find resources that provide necessary insight. Our friends at the Community Foundation of Greater Des Moines do just that in myriad ways with one being “7 Gift Options to Meet Your Goals.” We invite you to review their guide to see if you find something that might resonate with you as you continue exploring how to meet your charitable goals.
In all cases, please consult with your financial planner or attorney as you navigate your options.
* Information referenced in this article is not intended as legal or tax advice and examples are subject to change. Please consult an attorney or tax advisor as necessary.