Lund has a gift acceptance policy and there are certain items that we cannot accept or certain conditions that would prevent us from being able to accept a gift. In short, give us a call and let us know what your thoughts are!
Example: Jeff and Dana have a piece of undeveloped riverside property in Delaware. They had plans to build a cottage as a home base for family vacations boating and fishing. But their children became ski fanatics and they purchased a mountain condo instead. They have decided to donate the property to Lund. Over the years since their purchase, the land around has been developed and so their property has gained in value considerably. By donating the property directly to Lund rather than selling it and giving the proceeds to Lund as a cash donation, they do not have to pay capital gains tax. And since the property is an appreciated long-term capital asset, they are also entitled to a tax deduction for the full market value of the property. The first step they take, however, is to call the development team at Lund to talk about their plans.
There are other flexible options, if giving the gift of real estate or tangible property outright does not work for you. All gifts of this type require careful planning. Qualified legal and tax counsel can assist in making sure the gift accomplishes both your goals and ours.
Making a gift of real estate will take more time than an outright gift of cash because you must arrange to transfer the property and allow us time to review and accept the gift. We will take into consideration the marketability of the gift and the usefulness of the property if it’s not marketable. It will likely require a gift agreement that may go through several drafts before it is finalized. We will also consider the carrying costs, transfer taxes, and other ramifications of gifting property, things that are not factors in a cash gift.
Contact Sharon Lifschutz, Director of Development at (802) 861-2580 or sharonl@lundvt.org for more information on making a gift of real estate or other tangible property.
The purpose of this page is to provide general gift, estate, and financial planning information. It is not intended as legal, accounting, or other professional advice. For assistance in planning charitable gifts with tax and other financial implications, the services of appropriate advisors should be obtained. Consult an attorney for advice if your plans require revision of a will or other document.
