Consider Giving a Gift of Property
With donations to a charitable organization, many people customarily think of cash, CDs, and marketable securities. Yet giving real estate can be the best possible way to give. Not only can the foundation properly dispose of the asset, it relieves the owner of tax, paperwork, and management responsibilities associated with owning property. These are time-consuming obligations that you may not want at a certain stage in life. This can be especially true for those who own rental apartments or commercial buildings.
Donating such real estate to the Cabell Huntington Hospital or St. Mary’s Medical Center Foundation allows you to avoid capital gain taxes, and the depreciation recapture tax as well. Real estate donations are also a good idea for people who own farms or vacation homes and are seeking life-income arrangements through a charitable remainder trust or gift annuity.
If you would like to learn more about giving real estate, please contact Bradley Burck at 304-526-2658. Again, there is no cost or obligation for this assistance.
