Gifts of Real Estate
A gift of real estate to BIDMC is a unique way to provide a lasting benefit to the hospital-while also providing a convenient way for you to enjoy a charitable deduction based on the current fair market value of your property and to reduce the size and complexity of your estate.
You can provide a significant gift to BIDMC through a gift of real estate. It is possible to donate all or a percentage of your property. Not only can real estate be used to make outright gifts, it can also be used creatively to make future gifts to BIDMC.
For example, a "retained life estate" gift allows you to make a future gift of your home (or a portion of your home) to BIDMC while retaining the right to live in it for the rest of your lifetime along with the right to any income earned from the property. You can also make a gift of a vacation home or condominium and retain the right to part-time use.
You can take a substantial charitable tax deduction now for the future gift of your home, and, in this way, increase your current disposable income. The property is also removed from your estate, potentially saving on estate taxes. Your property simply needs to be mortgage-free. You also continue to take care of maintenance and property taxes.
Real estate can also be used to fund a charitable remainder trust, which would provide you income for the rest of your life.
There are many types of real estate suitable for a gift to BIDMC including:
- personal residence
- vacation property
- commercial property
- undeveloped land
- building lot
- farm or ranch
Note: The information on this website is not intended to serve as legal or financial advice. When planning a specific charitable gift, the services of a legal or financial advisor should be obtained.