Gifts of Cash, Securities, and Other Assets
Cash, given either as an annual gift or pledged over a period of several years, is the gift of choice for most donors. A cash gift entitles you to a charitable deduction of up to 50% of your adjusted gross income. If the total of a donor’s deductible gifts in a year exceeds the 50% limit, the excess amount may be carried over as a deduction for up to five years.
Appreciated stocks and bonds can provide a greater tax benefit than an equivalent gift in cash, entitling you to claim a charitable tax deduction for the fair market value of the donated asset and allowing you to avoid paying capital gains tax. This tax deduction may be up to 30% of your adjusted gross income, and any amount over this limit may be carried forward for five years.
Savings accounts at banks, savings and loan associations, and credit unions in the State of Ohio can be designated by the depositor as Payable on Death to an individual or charity. Similarly, brokerage accounts can have a Transfer on Death designation.
Associate Director, Planned Giving
Bishoy M. Mikhail, Esq.
bmikhail@clevelandart.org
216-707-2585