OUR COMMUNITY'S FOUNDATION

 

Making a charitable gift of real estate through your community foundation can help you turn your property gains into community good. Gifts of real estate range from personal residences and vacation homes to rental properties, farmland, and commercially developed land — the value of which may exceed that of any other asset you own. With the help of your community foundation, you can use real estate to make a bigger charitable difference than you thought possible, avoid estate taxes, and minimize or eliminate burden placed on your heirs.

 

You may choose to give real estate outright and receive an immediate tax deduction, or retain the use of the property during your lifetime and make a planned gift to your community foundation. You may also choose to convert real estate into a stream of income for the rest of your life by establishing a Charitable Remainder Trust with the community foundation. Doing this lets you transform a low-yield asset into a higher-yield, income-producing asset and claim a tax deduction for the charitable portion of the gift.

 

A gift of real estate must be professionally appraised to establish its fair market value. It is also assessed for compliance with our acceptance policies to make sure its resale will provide the appropriate value to the community.

 

 

Mrs. Lousie Netser bequeathed her home to the community foundation through her will, in order to be able to form a charitable fund that would create a memorial scholarship in the name of her daughter, who had predeceased her, and also a second fund to support her church, St. Paul's United Methodist Church. Had she wished to do so, during her lifetime, she could have elected to gift the home in advance and reeive a tax advantage for doing so, while retaining a life interest in the estate for herself. Gifts of marketable real estate can serve many charitable purposes.

 

There is so much more we’d like you to know. For more information and ideas on ways to integrate your financial planning with charitable giving, we suggest that you consult your personal professional financial advisor or contact our Executive Director at director@pacfwv.com or 304.428.4438 (toll free 1.866.428.4438).