A gift of your residence or your vacation home is an advantageous way to accomplish many personal and financial goals.
Whether or not you are still living in the property, a gift of your house or vacation home can be a smart way to make a substantial legacy gift.
How to Make A Gift of Your Residence
The timing of your gift depends upon a variety of factors: Are you using the house? Is there a period of time that you want to continue using the home? Do you want the benefits of a current income tax deduction? Or do you simply want to ensure that your heirs won't have to worry about the property sale and estate taxes?
A home can be transferred to us by executing a written deed or as a gift in your will. A deed also can be written to reserve the right for your continued use of the property during your lifetime for a period of years.
Once you are no longer using the property, and we have received full title of it, AIPAC or its affiliated charitable organization will sell the property and invest the proceeds in your named endowment fund.
Benefits of a Gift of a Residence
There are many benefits that may be available to you by giving AIPAC your residence as a way of establishing your legacy gift.
- Receive an income tax charitable deduction equal to the property's appraised fair market value of a gift during your lifetime.
- Avoid paying capital gains tax on the sale of the property.
- Eliminate the need to decide who in the family would receive the property.
- Relieve your heirs of the management and disposal responsibilities.
- Remove a large taxable asset from your estate.
- Receive a lifetime stream of income by placing the property into a trust.
- Make a substantial legacy gift with an asset you have spent years enjoying.