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Inside This Issue

Dale M. O'Rourke – Firefighter and Financial Donor
Got Stock? Consider Sharing Your Shares
Getting the Most from Gifts of Appreciated Securities
An Example of Tax-Planned Giving
What Did Jackie Onassis Know About Estate Planning?
IRA Gifts: Time Is Growing Short

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The American Red Cross, a humanitarian organization led by volunteers and guided by its Congressional Charter and the Fundamental Principles of the International Red Cross Movement, will provide relief to victims of disaster and help prevent, prepare for and respond to emergencies.

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An Example of Tax-Planned Giving

Take the example of Mrs. J. The stock she purchased in 1997 for $200 is now worth $1,000. If Mrs. J gives the stock instead of cash, the Red Cross receives a gift of $1,000 – the fair market value of the stock – and she can claim a $1,000 charitable deduction on her next income tax return. In a 33% bracket, that's a tax savings of $330. Furthermore, she avoids $120 in capital gains taxes that would be due whenever she sold the stock. The result: After figuring the tax savings, a gift of $1,000 costs Mrs. J only $550. The chart below shows the tax savings from gifts of appreciated assets worth $1,000 and $5,000 in the different tax brackets, where the asset has doubled in value.

Tax Savings From Gift Assets That Have Doubled In Value

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The articles in the issues of the Legacy newsletters are for general illustration purposes only. Information, Gift annuity and tax rates were current as of the time of publication. There can be no guarantee that such information will continue to be accurate in the future. Interested Donors should check with the Gift Planning Office for current rates and deduction amounts before completing their gifts. Calculations of tax deductions will vary based on applicable federal discount rates, which change on a monthly basis. The American National Red Cross is not engaged in rendering legal or tax advisory service. For advice or assistance in specific cases, the services of an attorney or other professional advisor should be obtained. Certain links in this site connect to other Web sites maintained by third parties over whom the American National Red Cross has no control. American National Red Cross makes no representations as to the accuracy or any other aspect of information contained in other Web sites.