Real Estate

Real Estate


Often donors overlook the opportunity to use real estate to create their lasting legacy at Emma Willard School. Giving options range from an outright gift now to making a gift of real estate by a bequest. Let’s explore the options.
 
OUTRIGHT GIFT
Your real property may be gifted to Emma Willard by executing a deed transferring full ownership to Emma Willard. Provided the real property is not subject to a mortgage, you:
 
• Avoid paying any capital gains tax on the sale of the real estate.
• Receive a significant charitable income tax deduction based upon the fair market value of the real estate as determined by a qualified appraiser.
• Eliminate the real estate having to be administered by your Executor who may live in a different state.
• Create your legacy at Emma Willard School.
 
BEQUEST
Your real property may be gifted to Emma Willard by including a bequest in your Will. By doing so, you:
• Eliminate any estate taxes with respect to the real estate.
• Eliminate the burden of your Executor having to get the real estate ready for sale and paying a real estate broker commission on the sale.
• Retain the flexibility during your lifetime of changing the bequest due to change in financial or family circumstances.
• Create your legacy at Emma Willard.
 
RESERVED LIFE ESTATE
You may desire to donate your home or farm to Emma Willard School now and reserve the right to live in the home for the rest of your life. By doing so, you
• Receive a significant charitable income tax deduction for the value of the remainder interest that you donated to Emma. If the full deduction cannot be used in the present year, it is available to be used for the next five years.
• Preserve your lifetime use and control of your home or farm for you and/or a loved one.
• Eliminate the value of the home from your taxable estate.
• Remove the home or farm from your estate administration.
• Create your legacy at Emma Willard.
 
FUNDING A CHARITABLE REMAINDER TRUST
You may desire to establish a Charitable Remainder Unitrust (CRUT) and fund it with real estate. The real estate is sold tax-free by the trustee of the CRUT and the proceeds are invested by the Trustee to create income for you or someone else you choose.
 
The donor can also contribute a partial interest in the real estate to the CRUT. Often this is done when the donor wants to create a charitable gift, but also wants to share in a portion of the proceeds from the sale of the real estate as well as the future income from the CRUT. Upon the sale of the real property, there are no capital gains taxes paid on the fractional interest placed in the CRUT.

The information presented on these web pages is not offered as legal or tax advice. You are urged to seek the advice of your tax advisor, attorney, and/or financial planner to make certain any gift you are considering fits well in your specific circumstances.


Contact us

If you are interested in learning more about how you might use real estate to create your legacy at Emma Willard School, please contact Jack Sise, Director of Gift Planning, at jsise@emmawillard.org or by phone at 518-833-1831.
285 Pawling Avenue, Troy, NY 12180 | P: 518.833.1300 F: 518.833.1815
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