Gifts of Real Estate

Gifts of real estate can offer you and Hellenic College and Holy Cross a significant and versatile giving opportunity.

The Outright Gift

An outright gift of property, held more than 12 months, is the simplest method and is essentially governed by the same rules governing securities. When the property has been transferred through a properly executed deed, in most cases, you receive the following benefits:

  • An income tax deduction based on the current appraised fair market value.
  • You can claim a deduction up to 30% of your adjusted gross income in the year of the gift. Any excess, however, may be carried over for up to five years.
  • You can avoid capital gains tax on the appreciation.

Real Estate Gifts Used to Fund a Life Income Trust

By using your real estate to fund a life income trust, you can turn your non-income producing asset into valuable income. If you have property that has greatly appreciated in value, but is yielding little or no income, a life income arrangement might provide a rewarding alternative. Using this giving method, the real estate is placed into a charitable trust. A trustee named by you can sell the property and invest the proceeds in high-yielding investments.

With this arrangement, you and/or your spouse or another beneficiary named by you will receive income for life or a term of years, whichever you choose. In addition, you will receive a sizeable income and estate tax deduction and there will be no capital gains tax on the appreciation. Your benefits include:

  • A federal income tax deduction in the year of the gift. Your deduction may vary modestly depending on the timing of your gift. You can generally deduct up to 30% of your adjusted gross income. Any excess can be carried forward for the next five years.
  • You and/or your designated income beneficiary will receive payments in quarterly installments for life or for a term of years - whichever you choose.
  • A possible reduction in probate costs and legal fees.
  • The satisfaction of supporting our blessed School.

A Retained Life Estate

You can give a personal residence, vacation home or farm and retain the right to live in or use the property during your lifetime. This, too, can qualify you for a substantial income tax deduction. You remain responsible for all taxes and upkeep. At the end of the life estate, Hellenic College, Inc. will sell the property and use the proceed for its unrestricted purposes or for a specific purpose designated by you.

Hellenic College, Inc. will also accept gifts of an undivided fractional interest. In addition, property can be transferred in a "bargain sale" in such a way that you will receive a substantial tax deduction and relieve yourself of the burdens of management and taxes associated with property ownership.

 

As stated previously, the material in this entire section ("Giving Opportunities") of our website is designed to furnish our alumni and friends with general information. It is not intended as legal or financial advice. When considering a charitable gift, be sure to consult your attorney, professional adviser or accountant to ensure that it meets your individual circumstances. The Office of Institutional Advancement will be happy to assist you and your advisers in developing an approach, that will best fit your needs and desires. If you would like further information concerning giving opportunities, please contact the Office for Institutional Advancement, Hellenic College and Holy Cross Greek Orthodox School of Theology, 50 Goddard Avenue, Brookline, MA 02445, 617-731-3500.

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