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	DONATIONS AND BEQUESTS TO CATHOLIC CHARITIES

 

GIFTS OF STOCK

To make a gift of stock to Catholic Charities of Central New Mexico or Catholic Charities of Santa Fe call or write Ric Armstrong, Development Director, Catholic Charities of Central New Mexico, 1410 Coal SW, Albuquerque, NM 87104, (505) 247-9521, Ext. 125.

Gifts of stock can be made by transfer to the Catholic Charities Account #481-23009-13 008 through The Cates Team, Smith and Barney, 2 Park Square, Suite 910, 6565 Americas Parkway NE, Albuquerque, NM, 87110. To speak to a Smith and Barney representative, call (505) 875-6200 and ask for Vicki.

GIFTS OF APPRECIATED PROPERTY

If you have stocks, bonds, mutual funds or real estate that have appreciated in value, consider transferring them directly to Catholic Charities of Central New Mexico.

There are definite tax advantages.  If the appreciated property has been held for at least one year, you will save twice on your taxes!  First, there is the charitable tax deduction for the current fair market value of the property.  Second, you avoid the capital gains tax which you would owe if you sold the property yourself.

Remember the stock you bought for $300?  Today it could be worth $1,500.  If you sell the stock you'll owe capital gains tax on the $1,200 profit.  If, however, you donate the stock to Catholic Charities, the IRS allows you to deduct the full $1,500 current value, resulting in significant tax savings and avoiding all capital gains tax.

What if you really want to keep the stock, for example, in your portfolio? Donate the shares you own and use the cash you would have otherwise given to buy shares on the open market.  The advantage is that you'll owe tax only on the profit that accrues after you repurchase the shares. Call your broker or call Catholic Charities and speak with Ric Armstrong at (505) 247-9521, Ext. 125, to discuss a method of transfer that will work for you.

Consult your tax advisor for the details of how a property contribution will affect your specific tax situation.

WILLS AND BEQUESTS

If you do not have an attorney for wills and bequests, the following is a list of attorneys that accept referrals from Catholic Charities:

Tom Macken, 3009 Louisiana Blvd. NE, Albuquerque, NM 87110, (505) 884-2550.

Wycliffe Butler Butler and Butler, PA, 401 Alvarado Dr. SE, Albuquerque, NM 87108, (505) 266 - 5056.

Gerald Bischoff, 2040 4th St. NW, Albuquerque, NM 87102, (505) 243 - 6721.