How You Can Give More to the Lord’s Work and Less in Taxes

Answers in Genesis is dedicated to its mission of proclaiming the absolute truth and authority of the Bible with boldness, and to delivering the message of the gospel, both individually and collectively. As part of this effort, our planned giving service works to help our supporters become better stewards of all that God has entrusted to them. The following narrative, as told by John Pence, our director of planned giving services, illustrates how you can make a current gift to support the Lord’s work at Answers in Genesis and help reach others with the good news of the gospel of Jesus Christ, thereby storing up for yourselves treasures in heaven (Matthew 6:19–21).

As is the case with many families, there are times each year when Jim and Sharon focus their attention on gift giving. For years, they have created a gift list that includes family members, friends, and loved ones. Last year, Jim and Sharon made an addition to their list and began including their favorite non-profit, Answers in Genesis, in their giving plan.

Years ago, Sharon and Jim inherited stock from her grandmother and they held the stock for several years, but eventually decided to sell a portion of it. The stock had gone way up in value, and their CPA informed them that they had a capital gain of nearly $120,000. They had always planned on making a charitable gift, and the CPA reminded them that if they were to make a gift of this stock before the end of the calendar year, they would receive a charitable deduction on the gifted shares. This deduction will help offset the capital gains tax on the sold stock. They were told that it might be especially beneficial for them to give some of their remaining stock as a charitable gift.

Now, Jim and Sharon were still holding $80,000 in the same highly appreciated stock and did not intend to sell, primarily because of the substantial capital gains tax they already faced. To sell any more would only have increased their tax. The planned giving advisor recommended that they consider an end-of-year gift that would help lower their taxes; a Gift and Sale plan. This means that part of their stock would be sold and the proceeds would come to them, and part would be gifted to Answers in Genesis.

They decided to go ahead and do this. By giving the $80,000 in stock, they received two great benefits. First, they avoided a large capital gains tax on that stock. And then they received a charitable deduction. The deduction even offset the capital gains for their prior stock sale of $120,000. They were very pleased with the double benefits of their gift. And they were also delighted that they were able to make a charitable contribution to help spread the gospel.

We at Answers in Genesis appreciate your ongoing prayers and financial support, which enable us to continue our mission of impacting the culture with the truth of God’s Word, and calling the church back to the authority of the Scriptures, all for His glory and honor. You can learn more about this and other planned giving strategies and how you can partner with us at GenesisGift.org.

Thanks for stopping by and thanks for praying,

This item was written with the assistance of AiG’s research team.

Ken