Gifts That Reduce Your Taxes

When you give stock or securities (stock, bonds, mutual funds), you may be eligible for a double tax benefit: 1) You receive an income tax deduction for the full, present, fair market value of the assets, and 2) you may altogether avoid capital gains tax on the appreciation of the assets. This is one of the easiest gifts to give and one of the most effective in helping you achieve your philanthropic goals. 

A gift of your retirement assets, such as an employee retirement plan, IRA, or tax-sheltered annuity, is an excellent way to make a gift. A gift of these assets can shield you or your heirs from taxes while funding Freestore Foodbank.

Transfer ownership now:

To make an impact on our mission today, irrevocably designate Freestore Foodbank as owner and beneficiary of an existing life insurance policy. If you have paid up your policy, you will receive an immediate income tax deduction based on the policy value.

If you have not yet paid up your policy, you will make contributions of cash to Freestore Foodbank to cover future premium payments. For any continuing premium payments you make, you will receive a charitable deduction in the year of the payment.

Name us as a beneficiary:

You can name Freestore Foodbank as a beneficiary of all or a portion of your life insurance policy. With this gift arrangement, Freestore Foodbank will receive the proceeds of your policy upon your passing. You can change your beneficiary at any time.

This gift is easy to arrange — simply request a beneficiary designation form from your plan administrator.

A gift of artwork, coins, antiques, or other personal property can be an excellent way to support Freestore Foodbank. The tax benefits of the gift depend on whether Freestore Foodbank can utilize the property in a manner related to its mission. Contact us to learn more about this type of gift—we would be happy to help you find the option that best fits your philanthropic goals.