University of Florida

6 Ways to Donate Real Estate

Issue link: http://interactive.legacybrochure.com/i/458755

Contents of this Issue

Navigation

Page 2 of 3

2] Give Real Estate Through Your Will or Living Trust If you are not comfortable making an irrevocable gift of property right now, consider leaving it to us in your will or revocable living trust. This can be the perfect way to support our organization because you are able to help us in the future without using assets today. A gift in your will or living trust can be created or changed at any time. It allows you to continue ownership, enjoy your property during your lifetime and create a lasting legacy in your memory or in memory of a loved one. 3] Donate Your Home, but Keep Living There Many of our supporters can't imagine living anywhere but their current homes. Many would also love to make a significant gift to us but don't have the means to make such a gift today. If this sounds like you, you may want to consider a charitable giving arrangement called a retained life estate. With a retained life estate, you deed a personal residence or farm to us now. You retain the right to occupy the home for life and continue to pay real estate taxes, maintenance fees and insurance on the property. In addition, you can later decide to rent your home or make improvements to it. After your lifetime—and the lifetime of your spouse or another person you choose to retain rights to live in the home—we take possession of the property. 4 ] Make a Bargain Sale A bargain sale occurs when you sell real estate that you've owned for more than one year to us for less than its current fair market value, subject to our agreement. After we purchase your property: 1) you receive a cash payment from us for the sale price, 2) you qualify for a charitable deduction for the difference between the sale price and the Why Donate Real Estate? Depending on the method you choose, a gift of real estate to the University of Florida may allow you to: • Receive an income tax charitable deduction. • Reduce or eliminate capital gains tax. • Eliminate gift tax on the transfer. • Reduce your estate administration expenses. • Relieve the responsibilities and costs of upkeep.

Articles in this issue

Archives of this issue

view archives of University of Florida - 6 Ways to Donate Real Estate