Planning a Gift to the Sisters of Notre Dame de Namur

Planned Giving

Gifts of Real Estate
Depending on the circumstances that are involved, gifts of real estate can be an effective means of planning a gift. Much of the individual wealth in America is invested in real estate. It is often a significant part of our net worth. While the first thought often is a home or farm, real estate also can involve a vacation or second home, an apartment or commercial building, a shopping center, or undeveloped land.

Paul and Eileen several years ago Gifts of real estate, therefore, can enable us to make significant contributions. Each piece of property and its unique circumstances need to be reviewed to determine the suitability of the property as a gift. Generally speaking, a rule of thumb is that an acceptable piece of property is one that can be readily sold.

In this example, Paul and Eileen enjoyed many years together in their house - they raised their family and they enjoyed their life. But Paul recently passed away and Eileen found that the house was hard to maintain by herself and she really didn't need to have so much room.

Her financial advisor suggested she place the house in a charitable remainder trust to take advantage of the tax benefits and income it would provide. She found that to be an excellent idea and was able to purchase a smaller house closer to town that was perfect for her needs and it provided security and convenience.

There are many ways to donate property. It can be an outright gift, a retained life estate, or placed in a trust (such as what Eileen and her advisor set up). In any case, while we discuss some generalities here about donating real estate, if you are considering such a gift, please contact us to discuss its suitability.

In addition to making a significant contribution, there can be other benefits for you:

There may be a charitable income tax deduction that would lower your income tax.
If your property has appreciated in value since you acquired it, there might be a large capital gain tax that would result if you sold it. By donating the property, you may be able to avoid realizing the capital gains.
Depending on your state regulations, you may be able to turn the property into a gift that is structured to provide income for you and a beneficiary.
If the property is your home or farm, you may be able to make a gift of it now and continue to live in it for the rest of your life and receive tax benefits the year of the gift.
If the contribution from your property exceeds the allowable charitable deduction limits, the deduction may be carried forward for five years.

There can be significant advantages to using property as a charitable gift. Please contact us to discuss your unique circumstances. Click here to return to the Planned Giving Home Page.

Please note, individual financial circumstances will vary. The information on this site does not constitute legal or tax advice. Donor stories and photographs are for purposes of illustration only. As with all tax and estate planning, please consult your attorney or estate specialist. All material is copyrighted and is for viewing purposes only. Use of this site signifies your agreement with the terms of use. The content in this Planned Giving section has been developed for Sisters of Notre Dame de Namur, Ohio Province by Future Focus. Please report any problems to section webmaster. Revised: September 23, 2008 10:43.

Send comments on this Web Site to Web Weaver. This page was updated: September 23, 2008 10:43

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