REAL ESTATE GIFTS MAY BE ACCEPTED IN A VARIETY OF WAYS:
Donor transfers the property for retention and use by Habitat MCTX or for immediate liquidation with proceeds directed according to donor intent.
Retained Life Estate (RLE)
Donor transfers ownership to Habitat MCTX, but retains the right to live in the property for a specified period of time or accepts a remainder interest in a personal residence, farm, or vacation property under a RLE agreement.
Donor sells the property to Habitat MCTX for less than its appraised fair market value and receives a charitable deduction for the difference between the value of the property and the sale price.
Life Income Gift
Donor transfers ownership of the property to fund a charitable remainder trust or charitable gift annuity.
Donor bequeaths the property to Habitat MCTX in his or her will or revocable (living) trust. If a gift of real estate is encumbered by a mortgage or lien, Habitat MCTX will request the donor pay off the debt prior to making the donation.
Please consider this information as a starting point. With all charitable gifts, it is important to consult with your attorney or financial advisor to ensure that you comply with state laws, receive maximum tax benefits, and that your wishes are accurately reflected in necessary legal documents. Use the contact form below if you wish to donate property!