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(Part of a series of articles on charitable giving and the Union County Foundation by David Vollrath - Executive Director) Writing a check is the easiest and most common method of supporting charity even for the most substantial gifts. For many people gifting of real estate is an option never considered. After all we gravitate to the familiar and the "check method" of charitable giving is what we know best. Many people never consider the advantages of donating real estate to fulfill charitable goals because they may not be aware of the many advantages. Granted we are not all in a position to gift real estate but many people are at a stage in their lives where considering gifting a primary or secondary residence, an investment property, agricultural land, or other real estate is a very viable consideration. One of the primary functions of the Union County Foundation is to promote and facilitate charitable giving in Union County. Virtually any Union County charitable cause you choose to support, now or in the future, can be supported through a real estate gift facilitated through the Union County Foundation. Gifting appreciated non-leveraged real estate can be very attractive. For example an individual who owns rental real estate generally depreciates the original cost of the property during the ownership period. If the real estate is contributed to charity the donor will receive a charitable deduction for the full market value and avoid paying tax on the appreciation in value (capital gain) as well as avoiding paying tax on the recapture of depreciation. This is in essence a triple tax advantage. Gifts of real estate are of course based on valuations generated from qualified real estate appraisers. In some cases a donor may desire gifting real estate to charity in return for a lifetime income instrument such as a charitable gift annuity or a charitable remainder unitrust. These charitable instruments will pay the donor income for the rest of the donor’s life and then ultimately support charity(s) of choice upon the donor’s death. These charitable vehicles are worthy of consideration yet all too often donors are simply not aware of there availability. It of course is important that you should always consult your accountant and/or financial advisor in maters such as these. The Union County Foundation is equipped to help you achieve your charitable goals by providing: planned giving and estate planning resource information, charitable gift annuities/life income plans, and Donor Advised Fund information. Please call us at 937-642-9618, email us at commfounduc@imetweb.net, or stop by our Marysville office at 126 N. Main St. We are committed to helping you…. "preserve your footprint in time." |
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