Use this checklist to see if transferring real estate to a charitable trust is a good option for you. Would you like to:
- Sell your property and avoid capital gains tax on the transfer?
- Receive a charitable income tax deduction?
- Receive lifetime income for yourself and/or other beneficiaries?
- Have the peace of mind of no longer managing your property?
- Explore an alternative to a 1031 exchange?
- Convert a non-income producing property such as a parcel of land or second home into a lifetime income stream?
- Make a difference in the lives of people with cancer, diabetes and other serious illnesses?
If you answered “yes” to any of these questions, transferring your property to a charitable trust may be your answer.
Honoring Lifetimes of Work With a Legacy to Help Cure Cancer
The story of Michael Thomas’ gift to City of Hope starts more than 100 years ago, when his great-grandfather purchased 80 acres of farmland. His great-grandparents gave 20 acres to his grandparents to help fund his father’s education.
Today, Thomas grows organic walnuts and blueberries on 360 acres, some of which includes land from the original farm. While the farm has been passed down through four generations, Thomas did not have a son to carry on this tradition. Instead, by gifting some parcels of his farm to fund charitable remainder trusts that benefit City of Hope, Thomas will receive significant tax benefits and create a legacy of hope and healing that honors his family and his own hard work, while creating lifetime income for himself and his family members.
In entrusting his life’s work and legacy to City of Hope, Thomas needed to have confidence in City of Hope’s ability to see his vision through. He found that working with Michael Rorman, one of City of Hope’s experts on planned giving and real estate gifts, gained his confidence. “Sometimes a succession plan doesn’t work out as we would hope. It was a hard decision, but I feel great about donating property to a charitable trust benefiting City of Hope, knowing that my life’s work is going to be reflected in something so important and meaningful and good for the world.”
Example: Charitable Remainder Trust vs. Outright Sale Comparison
The figures contained herein are for illustration purposes only and should not be considered legal, accounting or professional advice. Your actual benefits will vary depending on several factors, such as age, cost basis and current property value, the state in which the property is located and timing of funding a Charitable Remainder Trust.
Please contact us for a no-obligation, complimentary consultation.
