REAL E S TAT E
Jim and Ria Hess leave a legacy gift and support medical care in the community.
A G R A N D W AY T O H E L P O T H E R S
A By Sharon Thornton, JD, LL.M, Exec. VP and Chief Philanthropy Officer 623-832-5582
s a former tax attorney, I have been able to help Sun Health Foundation donors think creatively about different ways to make a charitable gift. One option sometimes overlooked, and that can be a win-win, is a gift of real estate.
If you want to use real estate to support your favorite charitable cause, you can make the gift in several ways:
Pamela Gralton Kohnen, the Foundation’s senior development director, notes that health care is rapidly changing and improving. Financial support is vital to ensure that the community continues to have convenient access to quality care. “The legacy gift is one of the most beautiful gifts. It shows
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that Jim and Ria want to make a difference in health care into the future,” she says. Jim adds, “Our family is well
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aware and agrees with our planned legacy gift. We know we are providing an example for our
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children, as well as others.” Ria continues, “I think it’s important. You feel you should do something that other people will benefit from.” SunHealthLiveWell.org
1. Give the property directly to Sun Health Foundation. This earns you an immediate income tax deduction. 2. Make a gift through your will. Made as part of your estate plan, a charitable bequest gives your estate an estate tax deduction and supports the Sun Health Foundation’s good work long after you’re gone. 3. Consider a bargain sale. This is part gift, part sale, meaning we purchase the property from you for less than its current value. This entitles you to a charitable income tax deduction based on the value of the gift portion, reduces your capital gains taxes and provides you with cash from the sale. 4. Donate your home, but keep living in it. Through a “retained life estate,” you make a gift while retaining the right to use and occupy the property during your life. You realize an immediate income tax deduction for a portion of your home’s value. When determining whether a gift of real estate is right for you, consider: • Has owning or managing the property become a burden? • What’s the property’s net rate of return? • What are the tax consequences of selling the property? • How will keeping the property affect my estate? • Who among my heirs wishes to inherit the property? If you’re considering using real estate to support Sun Health Foundation's mission, please call me directly at 623-832-5582 or email me at sharon.thornton@sunhealth.org. to discuss details, including how title is held, existing mortgages and liens. You don’t want these issues to delay or interrupt your intended gift. Information provided by The Stelter Company
June 2017 • sunhealth.org
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