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Planned Giving New Ideas for Real Estate Gifts Perhaps you would like to make a gift of real estate but are not ready to give up the full value at this time. Please consider a gift of an undivided interest in the property. You would offer Minnewaska Home Development Foundation the right to use, lease or receive income from the entire interest a portion of the property. A vacation home or land is ideal for this type of gift. With a gift of a 50% undivided interest of real estate, you would receive a deduction of 50% of the real estate's value. If the gift is a vacation home, for example, Minnewaska Home Development Foundation can lease the property for six months of the year and receive the income it generates. You can also fund a charitable remainder trust with an undivided interest in land. Generally, you would choose the unitrust, which has the flexibility of delaying payments to you until the real estate is sold and the trust is liquid. This is an excellent choice if you want to make a gift but cannot part with the entire value of the land. Typically, both you and Minnewaska Home Development Foundation sell the land together, with each of us receiving our share of the sale's proceeds. As with any other gift of property involving a deduction of $5,000 or more, the IRS requires you first obtain a qualified appraisal. Minnewaska Lutheran Home at (320) 239-2217, or e-mail info@mlh-healthcare.org, for more information.
The information provides is not intended as legal, tax, or investment advice. Please consult
an attorney, tax or financial planning professional for questions specific to your financial
situation. |
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