While cash donations are the most common way to support the causes and charities you cherish, a very small percentage of wealth in America is held in cash and checking accounts. Taking this information to heart, you may find it appealing to spread your generosity in alternative ways.

Donating noncash assets is a strategy growing in popularity among donors who ask, “What else can we do?” The benefits of noncash donations extend well beyond the income tax deduction cash donations provide and can increase the impact of your gifts.

For instance, Fred and Diane learned about noncash donations when their financial advisor invited them to attend an educational webinar from Thrivent Charitable Impact & Investing (Thrivent Charitable). In retirement, the couple no longer wanted to manage their Florida rental property but selling it outright would create significant capital gains and potentially increase their income taxes and Medicare premiums.

Donating the property to Thrivent Charitable enabled Fred and Diane to avoid capital gains and spread the income tax deduction for their gift over several tax years. They will receive ongoing income during their lifetime from a charitable remainder unitrust (CRUT) they established for proceeds from the property sale. When they pass away, the remaining funds will be used for scholarships at a local technical college.

Thrivent Charitable can accept a wide range of noncash assets:

• Publicly traded stocks and mutual funds
• Real estate
• Farmland/crops/livestock/equipment
• Life insurance
• Cryptocurrency
• Privately held stock/family businesses

Each type of asset has unique benefits to donors and charities. Unlike many local charities, Thrivent Charitable is equipped to accept donations like these and work with local real estate, legal and other professionals to manage appraisals and sales.

Charles and Barb donated highly appreciated stock for a charitable gift annuity from which premiums are paid for a second-to-die life insurance contract. When they have both passed away, the death benefit will go to a donor-advised fund at Thrivent Charitable for ongoing gifts to charities the couple supported during their lifetime.

With life insurance, you can give either existing contracts, new contracts, or you may name Thrivent Charitable as the beneficiary. The eventual death benefit is generally tax free and larger than cash donations would be over time.

To learn more about gifting noncash assets visit thriventcharitable.com/noncashassets.