Do you remember the first asset you purchased that grew in value? How about the first time you realized your wealth had increased because you had made a good investment decision?
The satisfaction that comes from good decisions can be as strong as the satisfaction that comes from a job well done.
Do you also remember the first time you had to pay capital gains tax? For any friend of the Mackinac Center, that was probably a very different feeling!
Fortunately, the tax code makes it possible for you to experience the gratification of making good investment decisions while avoiding the exasperation of sending more tax dollars to Uncle Sam.
By making a gift of an appreciated asset before it is sold, you can take a full tax deduction on the increased value while also forgoing the capital gains tax.
The Mackinac Center regularly receives direct transfers of securities and periodically has accepted gifts of real estate, jewelry and other real property.
Most recently, Robert Forgette, a supporter from the Upper Peninsula, made a significant gift of stock. He said that he chose the Mackinac Center for his extraordinary gift because he “came up the long way” and doesn’t want other citizens in Michigan to be under unwarranted government pressure.
There was a sense of pride in Robert’s voice when he said, “came up the long way.” In other words, he worked his way up the ladder, starting near the bottom. One great attribute of the United States, he suggested, is that coming up the long way is considered a badge of honor.
In this issue of IMPACT, my colleagues have laid out many ideas they have developed to help people make and keep more of their own money. In other words, the policy changes we recommend make it possible for more people to have the opportunity to come up the long way. They can have the satisfaction and dignity of a job well done, and of seeing their own assets appreciate in value.
Your gift of an appreciated asset before the end of 2018 would make a symbolic statement that you also grasp what it means for someone to have the chance to come up the long way.
If you have any questions about making a gift of securities or other assets, please contact us today. It’s easy to make a gift of stock electronically. Call 989-631-0900 and ask to speak to an Advancement representative or send an email to Lorie Shane at shane@mackinac.org.
