planned-giving

“Give, and it will be given to you. A good measure, pressed down, shaken together and running over, will be poured into your lap. For with the measure you use, it will be measured to you.”  - Luke 6:38

As a recipient and steward of God’s bountiful gifts, you have an obligation and opportunity to share and return those gifts, providing support to God’s church and ministries beyond your lifetime.

REAL PROPERTY

Gift a residence, vacation home, rental property or land

A gift of real property (a residence, vacation home, rental property or land) may be very beneficial for Sharon Presbyterian Church and offer you significant tax benefits.  If the property has appreciated in value and you have held the property for more than 12 months, you may be eligible for a federal income tax deduction, may avoid the capital gains tax on the appreciation, and will remove the property from your taxable estate. Plus you no longer have the burden of property maintenance, property tax, insurance and other aspects of property ownership. The benefits depend on a variety of factors including how the property is used, how marketable it is, and whether or not there is a mortgage.

When a piece of un-mortgaged property is given outright, the donor receives an income tax deduction for the full market value of the property, and avoids paying capital gains tax. (You may deduct 30% of your adjusted gross income for the current year, any excess may be carried over for up to five years).  Sharon Presbyterian Church may actually use the real property, or sell it and use the proceeds.

giftofrealproperty_500x340

In addition to an outright conveyance of title to the real property to the church today, there are other ways you might consider making a gift of real property:

Retained Life Estate: You may consider giving your residence or vacation home to Sharon Presbyterian Church, but retain the right to use it for life.  This allows you a significant tax deduction at the time of the gift, and the continued enjoyment of your home for as long as you (and/or your spouse) live.  Your tax deduction is equal to the value of the remainder interest of your home.

retainedlifeestate_500x338

Charitable Remainder Trust: your real property can fund a charitable unitrust that will pay you an income for life. Click here for more on charitable remainder trusts.

Testamentary Bequest: through your Will or trust, you may direct the transfer of your property to Sharon Presbyterian Church. As a testamentary gift, the real property transfer and any resulting tax benefit occurs after your lifetime; there is no current tax benefit, although some may be realized later. In case your family's circumstances change, you can change your Will or trust and direct the real property where it is needed. Click here for more on testamentary bequests.

Benefits of this type of gift to You:

  • Income tax deduction
  • Reduced estate taxes
  • Avoidance of capital gains
  • Knowledge you have helped others

Next Steps:

Check with your professional advisors for guidance on how this fits into your financial and estate plans.

We work with you and your advisors to ensure that the gift is right for both you and Sharon Presbyterian Church. Each offer of real property is assessed for marketability and evaluated for any conditions that may be a liability, risk, or obstacle for Sharon Presbyterian Church to own or sell the property.

Please contact us to discuss your generous offer of real property. See the contact information below for details.

Contact:

Senior Pastor Rob Blumer
Email: robb@sharonpcusa.org
Phone: (704) 553-0869

Associate Pastor Ron Nelson
Email: ron@sharonpcusa.org
Phone: (704) 553-0869

The above gift description is for informational purposes and not intended as legal or tax advice. To ensure that this form of gift is appropriate for your particular circumstances and estate planning, please consult with your professional advisers.

Last Published: September 12, 2017 1:50 PM
Steps to a Gift