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Gifts of Real Estate seminar a success

 

Last updated 7/12/2007 at Noon



Interfaith Community Services, along with Legacy Endowment…The Community Foundation held a ‘Gifts of Real Estate’ seminar at the Radisson Suite Hotel in Rancho Bernardo in June. Guests included real estate agents, philanthropic organizations and C.P.A.’s. The speakers shared information on how individuals who own property or securities can give a portion of the sale to their favorite charity and at the same time save on taxes. Some advantages discussed included minimizing taxes, eliminating property management issues, creating an addition to one’s retirement income, gifting one’s home while continuing to live there, and having the chance to donate to a favorite charity or charities.

The seminar explained how to explore a variety of choices available when selecting the right property for a charitable gift, how easily one can donate his/her property in exchange for a lifetime of income. Kathy Biewenga gave an explanation of the IRS 1031 Exchanges (trading one property for another of equal or lesser value with no capital gains). John Paget spoke on the benefits of Charitable Remainder Trusts to avoid Capital Gains and create an annuity income for life. Dan Daniel told of the benefits of creating a ‘Tenants-in-Common’ partnership instead of a ‘Limited Partnership,’ when buying property with multi-owners.

For more information about any of these valuable resources, please call the Legacy office at (760) 728-3304. For information on Interfaith Community Services, visit http://www.interfaithservices.org.

 

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