25 Jun Getting creative: Unusual noncash assets can make great gifts to charity
When people think about charitable giving, they often think of cash or stock. While those are both excellent options, they aren’t the only ways to support the causes you care about.
Many individuals and families own valuable assets that may not be part of their investment portfolio. Classic cars, boats, airplanes, RVs, collections, and other specialty items can represent a significant portion of your wealth. At the same time, they may come with ongoing maintenance costs, storage needs, insurance expenses, and questions about what will happen to them in the future.
If you own assets like these, charitable giving may offer an opportunity worth exploring.
You May Have More Giving Options Than You Realize
Many people are surprised to learn that the McPherson County Community Foundation can accept a variety of noncash assets. Depending on the type of asset, it may be possible to donate it to support charitable causes that matter to you and your family.
Before making any decisions, it’s important to talk with the Foundation and your professional advisors to understand your options and determine whether a gift is appropriate for your situation.
Think Beyond Traditional Assets
You may have purchased a boat, RV, collector vehicle, or other specialty asset years ago that has increased in value over time. While these assets may hold sentimental value, they can also create ongoing responsibilities and expenses.
As you think about retirement, downsizing, or simplifying your estate, it may be worthwhile to consider whether some of these assets still fit your long-term goals.
Timing Matters
If you’re planning to sell a highly appreciated asset, it’s important to explore your charitable options before the sale takes place.
In some situations, donating an asset before a sale may provide tax advantages while also creating resources to support the charitable organizations and causes you care about. Every situation is different, which is why early planning and professional guidance are important.
Specialized Assets Require Specialized Planning
Donating noncash assets often involves additional steps, such as appraisals, title transfers, valuation reviews, and other considerations. We can work with your attorney, CPA, financial advisor, and other professionals to help determine whether a gift is feasible and how it can best support your charitable goals.
Turning a Passion Into a Legacy
For many people, a treasured collection or recreational asset reflects years of enjoyment and personal interest. But there may come a time when maintaining those assets no longer makes sense, or when family members are unlikely to share the same passion.
Whether it’s a classic car collection, antique toys, rare bicycles, a boat, or another unique asset, charitable giving can provide a meaningful way to turn something you value into lasting support for your community.
If you’d like to learn more about donating noncash assets, we would be happy to visit with you and explore the possibilities.