Financial Focus
Everyone wins when you
make charitable gifts
It’s Thanksgiving time again. a decline in contributions for tax year, you’ll need to make
Like everyone, you have many charities across the country. your contribution before Jan.
things in your life for which Furthermore, your charitable 1.)
you are thankful. And you may gift can provide you with some • You can avoid capital gains
want to show your appreciation distinct economic advantages. taxes. If you want to support
for what you have by making Specifically, by making chari- a charitable group, you’re not
a gift to a charitable organiza- table contributions, you can limited to making cash contri-
tion. If you do, both you and gain these tax benefits: butions — you can also donate
the charitable group can come • You can take an immedi- other assets, such as stocks or
out ahead. ate tax deduction. If you item- real estate. If you’ve held these
Of course, it’s no secret that ize your taxes, you can deduct assets for a long time, their val-
2009 has been a pretty rough your contributions to charitable ue may have risen considerably,
year, with most of us feeling the organizations, as long as they despite the volatility of the fi-
effects of the recession in one are “tax qualified.” (Be sure to nancial and real estate markets
way or another. Consequently, ask the organization if it has the past couple of years. If they
you may feel that you can’t re- tax-qualified status.) Your tax have appreciated, and you want-
ally afford to make charitable deductions for charitable con- ed to sell then, you’d have to
gifts right now. But there’s tributions are generally limited pay capital gains taxes on your “The Lord is my strength and song
probably never been a more ur- to 50 percent of your adjusted profits. But if you donate these
and is become my salvation” Psalms 118:14
gent need for these gifts, as the gross income. (If you want to assets, you can avoid the capital
distressed economy has led to claim a deduction for the 2009 gains liability while still claim-
ing the tax deduction.
Sam’s Radiator
• You can remove assets from
Glenda Kay’s Salon
your taxable estate. In 2010, the
& Auto Service
estate tax is repealed, but it will
Heather Langford & Glenda Bastien
be back in 2011. Estate taxes
Call owner Sam McAbee
10% Discount on New Clients can be heavy, and if your heirs
828 252 5070
for Heather Langford. aren’t prepared for them, they
New
L
o
cat
ion
!
may have to sell assets to pay
133 Broadway • Asheville, NC 28801
Walk-ins welcome.
Open Monday – Saturday
them. To possibly help avoid
this problem, you may want to
828-484-9354
reduce the value of your taxable
estate. One way of doing this
235B Weaverville Hwy. Asheville NC 28804
— and of also receiving an im-
Brank Insurance
mediate income tax deduction
— is to donate assets, such as
PAUL PETE
investments and property, to a
HAPPY THANKSGIVING
charitable group. If you want to
still enjoy the benefits of these
assets while you’re alive, you
could transfer them to a chari-
table remainder trust, which
can then sell them and reinvest
PATTY LAUREN
the proceeds, out of which you
could receive an income stream
for life. Upon your death, the
charity you have designated will
receive the remainder of the
trust’s assets. (To properly es-
tablish this type of trust, you’ll
need to work with a qualified
Thanksgiving is time to reflect on the things for
legal advisor.)
which we’re truly grateful. At Edward Jones, we’re
As you can see, the old say-
ing “when you give, you also re-
We insure mobile homes!
thankful to serve our clients and our community. ceive” is certainly true when it
During this holiday season and every day, we wish
comes to making charitable do- Home, Auto, Life, Business.
you all the very best.
nations. So, during the upcom-
ing holiday season, be as gener-
Blue Cross/Blue Shield
Bill Boughton
ous as possible — to charitable
Financial Advisor
An authorized agency for
.
groups and to yourself.
61 Weaver Boulevard
Weaverville, NC 28787
This article was written by
828-645-0341
www.edwardjones.com Member SIPC
Edward Jones for use by Bill
,
Boughton, Weaverville’s local
Phone 645-6300 • Fax 645-0065
Phone
Edward Jones Financial Ad-
visor. Edward Jones does not 9 Georgia Avenue “Just off Main Street”
provide tax or legal advice.
Weaverville, North Carolina
www.brankinsurance.com
Ph
www.weavervilletribune.com
November 26 - December 2, 2009 - THE TRIBUNE 5
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