The Gift That Saves Taxes Twice
A gift appreciated stocks or bonds may save taxes twice when ownership of the stock is transferred directly to The Hermitage. Giving negotiable securities allows the donor to receive an immediate tax deduction for the full fair market value on the date of the gift and avoid any capital gains tax that might be due.
If the stock is in a brokerage or bank trust account:
Instruct your stock broker/banker by telephone and follow up with a letter to have the stock electronically transferred to The Hermitage’s account. Our investment manager’s contact information is as follows:
Stephen Frohsin, Principal
Woodmont Investment Counsel, LLC
102 Woodmont Boulevard, Suite 350
Nashville, TN 37205
(615) 297-7048 Fax
Click Here to Email
DTC Wiring Instructions for Stock Contributions:
Charles Schwab & Co., Inc.
FBO: The Andrew Jackson Foundation
Please contact the Development Office at (615) 889-2941×200, advising us of your gift. Follow up by mailing a letter containing:
Name of the stock and number of shares
Your name, address and telephone number
The purpose of the gift
The date of the gift
The Hermitage, Home of President Andrew Jackson
Attn: Development Office
4580 Rachel’s Lane
Nashville, TN 37076
If the stock gift is in the form of a stock certificate registered in your name:
Send the stock certificate(s) plus a signed stock power under separate cover to the above address. The donor’s signature must be notarized or guaranteed by a bank officer or stockbroker. Please mail the stock power under separate cover. In case of loss or theft, the stock cannot be transferred without both documents.
Your tax deduction is based on the median price of the stock on the date of your transfer of ownership to The Hermitage.