The majority of the nation's wealth is held in non-cash assets. Non-cash assets include but are not limited to: Commercial and Residential Real Estate, Privately-held C-Corporations, S-Corporations, Business Interests in an LLC. and/or a Limited Partnership, Antiques, Art, Collectibles, Farm Assets, Intellectual Property, MEC Portion of Life Insurance Policies, Mineral Rights, Private Equity and Hedge Funds, Real Estate Investment Trusts, and Retirement Assets.
As a Donor Advised Fund, Legacy Global Foundation has a very broad gift acceptance policy regarding these alternative assets.
We have received both domestic and international gifts, totaling $45.9m in assets, such as: a Thai Elephant, Artwork & Liquor Collection, Pre-Ban Ivory Collection, REITs, (Real Estate Investment Trusts), Islands in Belize, % Business Interests in LLC's and Partnerships, MEC Portion of Life Insurance Policies, and have domesticated foreign assets to name a few.
DID YOU KNOW?
A survey of 2013 IRS Tax filings found that 46.7% of all assets held by filers with a net worth of between $1 million and $50 million were Illiquid.
Does this mean you have to have a net worth of $1 million or more to donate these assets?
No. Donors just like you, are donating their non-cash assets to charity, in some cases receiving an immediate tax deduction, and avoiding lofty capital gains tax liabilities, all while supporting the charitable causes that represent their legacy.
turn your tax problem into a charitable giving solution
By donating your non-cash assets to charity, you may be able to:
Avoid capital gains tax on highly appreciated property
Reduce estate tax liabilities
Reduce the financial burden and complications for your heirs
Reduce income taxes
Save yourself the inconvenience of disposing of your own assets
Grow your asset tax free
Receive a lifetime income stream for your donation
Maintain wealth over multiple generations
Leave your legacy for future generations
3 factors to consider
No Pre-Arranged Sales. This means that donors cannot have a legally binding agreement to sell the asset to a particular buyer before the asset is donated.
Donate assets that have been held for more than one year; as assets held for less than one year do not have the same tax advantages.
Debt is NOT tax deductible. Any debt on a donated asset, like a mortgage, will need to be reported by the donor as income. Then, only the equity in the property can be used to claim the donor's tax deduction.
You will need a qualified appraisal of the non-cash asset. This takes time to arrange and it cannot be paid from a donor-advised fund. There are specific requirements that the IRS has for both the qualified appraisal and the appraiser who is performing it.
what we do
Set up a preliminary phone interview with you to discuss your non-cash asset
Provide insight and education regarding a qualified appraisal
Complete form 8283 (IRS form for Non-Cash Charitable Contributions)
Work with your professional advisors as we will honor and foster the trusted relationships you have built with them to look after your best interest over time
Set up the Charitable vehicle that best fits your situation and begin the process of giving to your favorite causes