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As donations to individuals who have been appreciated have increased, FreeWill acquires Cocatalyst

As donations to individuals who have been appreciated have increased, FreeWill acquires Cocatalyst

NEW YORK, Dec. 6, 2021 /PRNewswire/ -- a social good firm at the heart of philanthropy and estate planning, announced today that it acquired Cocatalyst, a leading platform for charitable gifts such as stock and cryptocurrency donations to nonprofit organizations. The Cocatalyst platform helps liquidate non-cash assets into cash that can be immediately added to nonprofits' balance sheets. Terms of the transaction were not disclosed.

The acquisition comes after a sea shift is occurring, as more donors shift their charitable giving attitude away from donating cash in favor of donating appreciated assets such as stocks and cryptocurrency.

Stock giving volume has increased in recent years, increasing 62 percent from 2017 to 2018, yet accounts for only 7 percent of individual charitable giving, according to Cocatalyst's data science team. The average gift of stock was $11,771 for 2019 the most recent year of complete IRS filings.

The reason for this increase is that donors can give up to 37% more to their loved ones by donating appreciated assets rather than selling those assets and donating the proceeds, because federal capital gains taxes aren't owed on such donations. However, a tedious administrative process for donating appreciated assets is presently a limiting factor that often hinders donors from doing so, leaving significant unmet demand.

FreeWill is also putting the acquisition to use when it launches its new site, which allows donors to create crypto gifts to more than 55,000 U.S.-based organizations, effective today. This helps mitigate the fact that more than 90% of businesses currently lack a crypto solution, despite rising needs. The Cocatalyst platform will support the new site by assisting to receive and liquidate crypto donations, with the proceeds being received by the donors' charity of choice.

"We're immensely proud as well as thrilled to make Cocatalyst part of our value proposition at FreeWill," stated, co-CEO of FreeWill. "We're thrilled to realize these synergies immediately through the concurrent release of Crypto for Charity and much more to come in the future," stated a fellow president of FreeWill. "We're thrilled to realize these synergies immediately through the concurrent release of Crypto for Charity and

"I'm ecstatic that Cocatalyst can continue to grow within a team of as great caliber as FreeWill," said Alex Chung, founder of Cocatalyst,: "We took the idea from $0 to $4 million in annual giving, and we believe that FreeWill's commitment as a public benefit corporation will distinguish themselves as the leader in the charitable sector for alternative methods of fundraising."

FreeWill is a public benefit corporation based in the realm of philanthropy and estate planning that has evolved into a charitable giving platform that makes it easier for nonprofit fundraising teams to unlock transformal non-cash gifts. FreeWill has established a comprehensive range of estate planning and related tools for consumers free of cost by developing wills and planning their estates. To date, it has generated more than $4 billion in planned and real-time gifts for more than 10,000 nonprofits while assisting more than 400,000 consumers create

Cocatalyst is a fully integrated stock giving platform for charities and donors. Charities can set up stock donations via Cocatalyst in less than five minutes that donors can complete entirely online. Individuals can maximize tax benefits by donating to any of the 1.7 million 501(c)3 charities and religious groups in the United States since its inception. Alex Chung and his family office have founded Cocatalyst in 2018 as a social impact firm.

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