If you are considering a gift to the Virginia Center for the Creative Arts, please be aware that there are a number of ways to make a gift that can provide advantages to you as well as the VCCA.
A check or Visa transfer payable to the Virginia Center for the Creative Arts is tax deductible in the year the gift is made.
If you have long-term appreciated securities that have been held more than one year, you may want to use them to make a gift. Such gifts have advantages over gifts of cash, including:
• Avoidance of all capital gains taxes on the appreciated portion of the stock. The more your stock has appreciated, the more you save.
• A tax deduction equal to the full fair market value of the stock on the date transferred to the VCCA, regardless of the original cost basis.
• The ability to make a larger gift than might be possible with available cash.
Simply by instructing your broker in writing, your gift of stock can be transferred directly to VCCA's broker. You or your broker should contact VCCA's Associate Director of Development Carol O'Brien at 434-946-7236 regarding your gift. VCCA's broker is instructed to sell securities as soon as they are received in our account.
If you would like to make a gift to the VCCA through your will, there can be important tax advantages to your family and other beneficiaries of your estate. A bequest to the VCCA reduces the amount of estate taxes your heirs will be required to pay. In some cases, such a bequest can actually increase the net amount that eventually goes to your heirs. For more information about the VCCA's Legacy Society, please click here.
These agreements come in several varieties, the basic characteristics of which follow: Assets are set aside in a fund for the VCCA. In the year the fund is established, the donor receives a tax deduction for a portion of the fund's fair market value. The fund then pays an income to the donor for life. Upon death, the assets go to the endowment of the VCCA to support its work for years to come.
Your CPA, lawyer, or financial advisor can help you decide which of these options best fits your needs. You may also contact Carol O'Brien, the VCCA's Associate Director of Development at 434-946-7236.
Photo by Mel Rosenthal
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