What if you could support the organization you care about most AND save on taxes? Wouldn’t that be a wonderful way to give?
One tax-smart giving option that can provide tax savings while supporting your favorite charity is the gift of appreciated stock. That’s how Cathy Keim and her late husband, Brian, have been giving to Artman for over 10 years.
Cathy and Brian’s Story: Why Appreciated Stock is a Smart Way to Give
“I’m a member of St. Paul’s Lutheran Church in Glenside, and so was my husband, Brian, who passed away 11 years ago. One of the church members was very active on Artman’s Board and she recruited Brian to join,” Cathy explains.
“He was on the board for many years, back before Artman was a part of Liberty Lutheran. He worked closely with Luanne, the current CEO and President of Liberty Lutheran, and he played a big part in that progression,” she notes. “Artman is one of Liberty’s communities that I feel the most affinity for. I remember years ago when I would play Bingo with residents and spend time outside with them. I really loved it,” Cathy recalls.
“That was when I was a lot younger and my children were just kids,” she reminisces. Cathy also remembers when the youth choir at her church would visit Artman to sing with residents. Enjoying her time spent in the community throughout the years, Cathy has always been happy to support Artman’s mission. And finding a way to continue to give throughout her lifetime was very important.
“I truly believe in Artman’s mission to uplift the lives of their residents, so did Brian. Brian gave gifts to Artman for many years,” Cathy affirms.
I believe that God put us here to serve each other and this is one of the ways that I can serve others and be a part of a ministry I care about. I can’t physically go and take care of Artman’s residents but I can give donations that will.Cathy Keim, stock-gift donor of Artman
Cathy and Brian had been accumulating stocks for many years to prepare for their retirement. “Many of the stocks had quite a large appreciation in them, and of course when Brian died, they became mine,” she refers. After Brian passed, Cathy’s financial advisor recommended that she give to Artman through appreciated stocks.
“For organizations like Artman that I want to give larger donations to, the appreciated stock gives me a tax advantage because I don’t have to pay capital gains tax on the stock gift,” Cathy explains. For Cathy, stock giving is a simple way to support her favorite charity while saving on taxes. “I would definitely recommend this method of giving to others because of the tax advantages,” Cathy suggests.
Cathy continues to give to Artman through appreciated stocks as supporting the community is very important to her. “The people at Artman are so compassionate. They’re dedicated to their mission to being there for residents and there is a level of caring and compassion there that I truly admire,” Cathy reflects. “I also give to Artman in memory of Brian. It’s one of the ways I can continue to do something that we once did together.”
Cathy’s stock gifts provide comfort and care for residents who call Artman home, providing them with meaningful opportunities for engagement and friendship. While stock gifts bring tax advantages to donors, for residents at Artman these gifts bring so much more.
You can give to Artman through appreciated stock, bonds, or mutual funds, which allows you to avoid paying the capital gains tax that you would pay if you sold the shares and then donated the proceeds.
To qualify for the maximum tax benefit, you must have held the stock that you are donating for at least one year. In order to reap these tax benefits, your gift of stock or funds must transfer directly to Artman or your preferred Liberty Lutheran family of service. Note: stock transfers to various Liberty communities and families of service go through the investment account of Liberty Lutheran. When making these types of gifts, we recommend that you consult your accountant or professional tax advisor.