Avoid Taxes to Leave a Bigger Legacy

Wouldn’t it be great if you could avoid all those annoying fees in life: at the bank, on your electric and cable bill, or at the car dealership? One of the biggest “fees” of all: capital gains tax. When you’re leaving a legacy for the people and places that matter to you, such as Hospice of the Western Reserve, you want to make as big an impact as possible. That’s harder to do if you let the government take a chunk.

That’s why donating appreciated stock instead of selling it is a great option. Your gift may qualify you for unique tax benefits including an income tax deduction for the full fair market value of the stock at the time of the gift When you give Hospice of the Western Reserve appreciated securities that you’ve owned for more than one year, you may receive two tax benefits:

1. You are exempt from paying capital gains taxes on any increase in value—taxes you would pay if you sold the stock.

2. You are entitled to a federal income tax charitable deduction based on the current fair market value of the securities, regardless of their lower original cost, if you itemize.

3. If you want to donate depreciated stock, it is generally best to sell the assets first and then donate the proceeds to Hospice of the Western Reserve. Please contact your tax adviser for information on the specific implications for your situation.

Remember, you should transfer the stock directly to Hospice of the Western Reserve before it is sold, in order to receive the maximum tax benefit.  If your broker holds the stock, instruct your broker in writing of the shares you wish to give to Hospice of the Western Reserve. Instructions for electronic transfers of stock can be found on our website at www.hospicewr.org/stock-gifts.
Please be sure your broker calls, and sends a letter, to the Development Office at Hospice of the Western Reserve that specifies your name, address and phone number, the number of shares, type of stock, and designation of gift, so that you are appropriately credited with the donation.

We’re Here to Help
Not sure whether donating stock is the best way to promote exceptional end-of-life care? Feel free to contact Laura Frye at 216.255.9066 or lfrye@hospicewr.org. Together with your advisor, we can help you fulfill your charitable goals and protect your assets from unnecessary taxes.

This information is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.

We Can Help

Speak with the referral team by contacting us seven days a week, 24 hours a day. Any first visit and admission can be made the first day.

Northern Ohio's Hospice of Choice

More than 1,000 Hospice of the Western Reserve employees and 3,000 volunteers live and work side-by-side in the same neighborhoods with our patients and families. We are privileged to have cared for more than 100,000 Northern Ohioans since our inception.