Stock, Life Insurance, Real Estate

/Stock, Life Insurance, Real Estate
Stock, Life Insurance, Real Estate2017-11-10T10:38:11+00:00

Stock Gifts

By making a donation with stock, you gain the satisfaction of supporting local people in need and receive specific tax advantages at the same time.

How to Make A Stock Donation to JFSA Cleveland

  1. Decide which stock and the number of shares you with to transfer to JFSA Cleveland.
  2. Provide written instruction to your broker to deliver those shares to the following account that has been established for JFSA Cleveland:

Attention: Jennifer Pierce
Baker & Company Incorporated
19111 Detroit Road, Suite 100
Rocky River, OH  44116
Phone number: 216-696-0167 or 800-321-1640
Fax:  440-333-6800

JFSA’s account number: 82501811
JFSA’s Direct Transfer Code: 0235
JFSA’s Federal Tax ID: 34-0714441

3. Copy your letter of instruction to:

Barbara Becker, Director of Development
Jewish Family Service Association of Cleveland
3659 S. Green Road Suite 315
Beachwood, Ohio 44122
Phone: 216.504.6451

The value of your stock gift is calculated by taking the average price of the stock the day it enters a Jewish Family Service account.

Life Insurance Gifts

You may transfer ownership of a life insurance policy to JFSA Cleveland or make JFSA Cleveland the beneficiary of the insurance policy. This type of gift is particularly popular with donors who have taken out “extra” life insurance policies that will not be needed and those who wish to make a large philanthropic gift to benefit JFSA but cannot afford to make an outright gift.

It is not difficult to make a life insurance gift. All that is required is completing a change of ownership/beneficiary form that can be supplied by your insurance company. A life insurance gift, you receive an income tax deduction for the paid-up life insurance policy’s replacement value.

Real Estate Gifts

More and more businesses and individuals are realizing the benefits of donating real estate to charities. A gift of real property to JFSA makes sense for several reasons, not the least of which is avoiding the expense of marketing the property. Donations of land can produce highly beneficial tax results. Many real estate holdings have appreciated greatly in recent years and may be subject to capital gains taxes if sold. Donation of real estate directly to JFSA or through the use of a charitable remainder trust often minimizes these taxes and provides an income tax deduction.

So when you give a gift of your home or real property to JFSA, you may claim an income tax charitable deduction based on the full market value of the gift, avoid capital gains taxes, and eliminate certain costs associated with the transfer of real property. Gifts of real estate can also provide income for you.

Because special IRS regulations apply to the contribution of real estate, such as substantiation of value through a “qualified appraisal” and depreciation recapture, it is important to obtain professional advice if you are thinking about donating real estate.

To learn more about making non-cash gifts to JFSA Cleveland, please contact Karen Leizman Moses, Esq.,  Major Gifts Officer at 216.504.6407. We are happy to assist!