Assuming you have owned the asset for more than one year, you can avoid incurring the capital gains tax that may be due as a result of realizing any appreciation in the value of the asset because the transfer of ownership qualifies as a donation rather than a sale. The fair market value of the asset may be used as the basis for your donation. Furthermore, contingent upon your individual capital and tax structure, you may be able to deduct your charitable donation thereby potentially reducing your tax liability. The size, equating value, and duration of your donation may vary on the type of asset donated and the basis used to determine the amount of the gift. You should consult a financial planning and/or tax professional to help you develop a better understanding of what this means to you and your legacy.
We understand that your estate plan and your personal Christian legacy are important to you. To this end, BMF's goal is to help you be a good steward of the resources God has entrusted to you and to help you plan wisely for the future as you shape your Christian legacy.
Estate planning and transfer tax laws and regulations are often in a state of flux as political leadership and business cycles continually transition. Business Men's Fellowship USA would like to assist you by helping guide you through to myriad of tax laws and estate planning strategies so that you can successfully secure an ongoing Christian legacy. And it is generally advisable to seek the counsel of a qualified financial professional as you begin this process.
Please consider BMFUSA, as you plan your legacy.