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For many families, real estate has been an excellent investment because its value usually increases over time. Few people realize that the real estate itself might be the source of a substantial gift. If you do not need to use your property, you can give it to the College now and receive a charitable deduction. If you want full use of the property but wish to leave it to Southeastern Illinois College upon your death, you can establish a life estate or bequest. These gifts take time to approve, so timely discussions are paramount.
Benefits of using real estate as a charitable gift:
- Reduced income, and estate taxes
- Financial security for loved ones
- Increased lifetime income
- Continued use of the contributed property during your life
Jim and Ann own a home worth $200,000. They want to make a substantial gift to Southeastern Illinois College, but they want to continue living in their home. They give SIC their home but retain a life estate for themselves. They continue to live in the house until their deaths. Jim and Ann gain a large and immediate income tax deduction and remove the house from their estate, thus reducing future estate taxes. They also have the satisfaction of knowing they have made a major deferred gift to Southeastern Illinois College.