Some really impressive gifts have been announced recently. Millions, a billion .. It's pretty great that people are willing to help others like this. In Jacksonville, where Wayne and Delores Weaver have already done so much, Mrs. Weaver donated $61 million. Jacksonville's Delores Barr Weaver gives area nonprofits $61 million Meanwhile in New York, a woman has donated $1 billion to the Albert Einstein College of Medicine. That means free tuition for all students. As this column points out, it was done without the ego that often accompanies large gifts. The school is not being renamed after her or her husband, who made the fortune on Wall Street. Why a $1 Billion Gift to a Medical School Moved So Many People
I heard about the billion dollar gift this weekend on a local finance show. They said if it only earns 4% a year they would be able to pay tuition for every medical student in perpetuity.
Not at all trying to minimize the generosity. It is truly a good thing. But after a certain level of wealth there are a reasons to do so and it isn’t nearly as costly as you would think. - if you donate appreciated share of stock or a business or any other sort of appreciated property, you forego the capital gains, which would be around 25% of income, plus - you get a deduction for the fair market value for taxable purposes, plus When you die, for those with many millions, those funds would have been taxed at 40% estate tax It almost becomes a choice to pay it to a charity or eventually pay it to the government.
