REAL ESTATE GIFT


Real Estate Gift
The spirit of Bohemia and the ancient art of Patronage have long been intertwined. Kings and emperors, lords and ladies, and citizens of wealth and power generously supported the creative process of poets and writers, painters and sculpturers, actors and musicians. The 'grand tradition' continues today...

Without the support of our generous circle of givers, PacRep Theatre could no withstand the "whips and scorns of time." We thank the following individuals, without whom our community would lament the loss of so many of our treasured historic and cultural resources.








What are the different ways to make a Gift of Real Estate?

There are 3 major ways to make Gifts of Real Estate.
  • Current gift or bequest
  • Life Income Agreement (as described above)
  • Gift with retained life use.
When should a Gift of Real Estate be considered?

There are several situations in which a gift a real estate can be beneficial to you.

Some of these situations are:
  • You own real property that you no longer need, is expensive to maintain, and / or is unproductive such as a vacation home, farm, or land.
  • You own highly appreciated property that will generate a large capital gain if it is sold.
  • You own a rental or commercial property that has become a management problem or is not earning enough.
  • You are considering selling your home and moving to a smaller home or retirement facility.
  • You would like to receive lifetime income from your property (a life income agreement).
What are the advantages of a Gift of Real Estate?

The advantages of a gift of real estate depend upon the form of the gift. If the gift is in the form of a bequest, then all the advantages mentioned in that section above will apply. Real estate gifts structured in the form of a life income agreement will have all the advantages listed in that section.

The advantages of a current gift of real estate are:
  • If you make your gift with highly appreciated real estate, you may avoid capital gains taxes.
  • Immediate income tax deduction when the gift is made.
  • May reduce future estate taxes (depending upon the size of your estate).
  • Elimination of management concerns and property taxes.
  • Enables you to provide a substantial current support to a cause that is important to you.
  • Membership in the Encore Circle, the community of PacRep supporters who have made similar provisions in their estates.
The advantages of a retained life use gift are:
  • You can remain in your house as long as you and your spouse are alive (although you continue to make payments for taxes, upkeep, and structural maintenance, just as if you do now).
  • If you make your gift with highly appreciated real estate, you avoid capital gains taxes.
  • Immediate income tax deduction when the gift is made.
  • May reduce estate taxes (depending upon the size of your estate).
  • Enables you to provide a substantial future support to a cause that is important to you.
  • Membership in the Encore Circle, the community of PacRep supporters who have made similar provisions in their estates.
How do I make a Gift of Real Estate?

How you make a gift of real estate depends upon the nature of the gift. A current gift can easily be made by transferring title to PacRep. A bequest, life income agreement, or retained life use requires the services of an attorney who is knowledgeable in estate planning. We can help you identify qualified attorneys to help you if you are not already working with one.
 


To discuss a contribution or show sponsorship, or to find out more about PacRep Theatre's planned-giving program, please call Executive Director Stephen Moorer at 831.622.0700 ext. 104.



We make no claims regarding the accuracy of the above information or the tax consequences stemming from your use of it. Please consult with your own tax, legal, or financial planning advisor.


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