Selling a home (or property) is one of life’s greatest stressors. Did you know there’s a financial and philanthropic way to get rid of the hassle?
Here are some ways to leverage your real estate asset for the most good.
The simplest way to donate is an outright gift. After Vail Health Foundation receives the property, it is typically sold, with the proceeds going to benefit the mission of Vail Health or Eagle Valley Behavioral Health. You’ll receive an income tax charitable deduction for the fair market value when you itemize. You’ll also save on broker expenses because you’re donating, not selling.
A Gift in Your Will
Making a gift of real estate in your will or trust ensures support after your lifetime. This gift doesn’t affect your current income or lifestyle; you can also change your mind at any time.
Retained Life Estate
Donate property but continue to live there for a specified period of time (usually through your lifetime or that of a spouse). You pay all taxes and handle property maintenance, but you will qualify for an income tax charitable deduction for a portion of the value of your home in the year you make the gift.
What’s My Next Step?
Please contact Aaron Ciszek at 970.569.7574 or email@example.com and Anne Walters at 970.569.7648 or firstname.lastname@example.org. We can help you plan for questions for your financial or estate planning teams. You may wish to bring family members and other heirs of your estate into the conversation early, so they understand your philanthropic goals.
You may also visit our Planned Giving website to learn more and sign up for our newsletter.
The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.