In this Elder Law Minute, Wes Coulson explains how giving your stocks to a charitable organization is a win for everyone… except the IRS.
Transcript:
Hi! I’m Wes Coulson from Coulson Elder Law, proudly serving clients throughout the St. Louis metropolitan area and beyond. I’d like to welcome you to our Elder Law and Estate Planning Minute. We do these to help educate people, give them some little tips, and especially to let them know the questions they need to ask, things that they’ve maybe not thought of. Our thought on that is that we can help you best if you realize the things that you need help and that we can help you with. So I hope you enjoy. Thanks!
Today I want to share with you, any of you who are charitably minded, a simple, but effective, charitable planning technique that is going to save you some taxes. Most people who make donations to charity do it in cash, but let’s say you have some stocks, or other investments, that are worth more than what you bought them for, and you think that now they’ve peaked, and they’re starting to come back down, or the market is starting to go back down. If you cash those in, you’re going to have to pay tax on the gains, the money that you’ve made on it, but if you just give them, in kind, and your financial advisor can help you with that, to the religious, or charitable organization of your choice, you won’t have to pay tax on it and the religious, or charitable, organization, assuming that it’s a tax free organization, and most of them are, won’t have to pay tax on it either.
So, you win, the charity wins, and it does not pain me to say this, the IRS loses.
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Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
