A personal residence, a farm or a vacation home is often the subject of a gift. Like gifts of long-term, appreciated securities, gifts of real estate can be very attractive because of the double tax benefit-an immediate charitable deduction and the avoidance of capital-gain tax.
However, family considerations do not always permit the making of an outright gift of a personal residence or farm. Instead, you may want to consider a gift of a remainder interest in such property. You will retain the right to possess and enjoy the property for as long as you (and your spouse) live, and you’ll obtain a current income-tax deduction for the value of the remainder interest directed to the charity.
If you have already included a gift to the Foundation or your Church in your estate plans, or if you would like information about Legacy gifts, please contact foundation@spokanediocese.org or call 509.624.3191.