You can significantly benefit Tennessee Wesleyan and at the same time reduce your taxes by giving assets other than cash and stock.
When retirement assets-those held in qualified retirement plans or in individual retirement accounts (IRAs)-pass to heirs, they can lose up to 85% of their value to estate, gift and income taxes. If you designate them to Tennessee Wesleyan, they are not taxed, and their full value supports the purpose you choose. Thus, giving retirement assets magnifies your impact without costing your heirs.
For taxpayers over 70 1/2, the IRA charitable rollover provision allows tax-free distributions directly to charity from traditional or Roth IRAs in 2013 and 2014.
By giving real estate, you can avoid capital gains taxes and brokers' fees often associated with selling these assets. You may give real estate outright to Tennessee Wesleyan or use it to establish a gift that pays you income. Such contributions may consist of a full or partial interest in almost any kind of property, including:
- Vacation home
- Cooperative apartment
- Commercial property
Gifts of personal property are a creative way to earn a tax deduction while helping Tennessee Wesleyan. You can give equipment, artwork, rare books or any other kind of property that the college can use in its educational mission. We would be happy to consult with you about gifts of personal property.
Questions about each of these types of gifts of other assets can be directed to:
Randy L. Nelson '93
Vice President for Advancement