Real Estate can be used as a current gift or a legacy gift. If you are holding onto property that you no longer use, you may consider donating it as a gift to CWA (which may make you eligible for a substantial income tax deduction). This can be done outright, or through your will.
There is also a special vehicle called a Life Estate Contract which allows you to make a future gift of your home to Concerned Women for America. You remain in your home for as long as you live and continue to maintain the property, pay the required taxes, and even receive any income the property generates. But since you have made a future gift of the property you receive a current tax deduction for the remainder interest which will be given to charity. This tool also removes your home from your estate which may lower your estate taxes.
Gifts of real estate do require planning and may be administered through a third party.
As always, be sure to consult your professional advisor regarding how such plans will affect your personal tax and financial situation. This information is provided as a service by CWA, and is, by necessity, general in nature.
For more information contact our Planned Giving Office at (800) 458-8797.