Turning Your Deed into a Good Deed

T H E

G E O R G E

W A S H I N G T O N

U N I V E R S I T Y

TURNING YOUR DEED INTO A GOOD DEED { Guide

t o D o nat i n g R e a l E s tat e t o G W

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Why Give Real Estate?

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When considering a gift to support the George Washington University, many people overlook a valuable portion of their assets — real estate.

Donating property to GW can provide

income stream, cash back from the gift

important tax advantages while eliminating

transaction, or even retaining the right

the responsibility of property management.

to continue living in a property you donate.

As with donations of appreciated stock, donating appreciated property allows you to

There are a variety of ways to structure your

minimize or avoid capital-gains taxes that you

gift of real estate, as outlined in this booklet.

would incur if you sold the property. Donating

The planned giving professionals at GW are

your property to GW also saves you the expense

available to meet with you and your advisors

and headache of marketing and selling your

to help you determine the best solution to meet

real estate. Depending on the specific

your needs. However your gift is structured,

gift arrangement that works best for you,

you will have the satisfaction of knowing that

you may also benefit from a significant

your gift will have a lasting impact on the

charitable income-tax deduction, a lifetime

George Washington University.

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MAKE YOUR MARK AT GW

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If given the opportunity, most of us would like to leave the world a better place than we found it. A gift of real estate can be the ideal vehicle for making this possible. Your gift can create a far-reaching legacy for generations to come.

GW's real estate program offers you the opportunity to make a significant difference whether your philanthropic passion is medical research, public health, art, nursing, business ethics, or international affairs, among many others. GW’s capable development staff is committed to working closely with each individual donor to tailor a gift arrangement that best suits his or her circumstances and to identify a personal legacy at the University that advances his or her philanthropic goals.

Now more than ever, institutions of higher education like GW are playing a crucial role in making the world a better place for all people as well as preparing its student-citizens for the challenges and opportunities of the future. We invite you to consider supporting the University’s mission of education, research, and public service through a permanent legacy that addresses your philanthropic goals and reflects your closely held values.

OUR PROFESSIONALS

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The professionals at GW have years of experience in facilitating gifts of real estate. From single family homes in California to commercial property in urban areas, we have helped individuals and corporations turn their real estate assets into lasting legacies that will benefit GW for decades to come.

Our expertise means that we are available to craft a donation arrangement that matches your desires and circumstances. We can relieve you of property management headaches, while providing the opportunity for significant tax advantages and possibly lifetime income for you or someone else, depending on the gift arrangement you choose. If you have an interest in supporting another charity in addition to GW through a single donation, we can facilitate that, as well.

Types of Property Accepted

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Any type of real estate you own can become a gift to support the programs you value at GW.

Primary Residences We accept single family homes, multifamily homes, and condominiums. If you are considering selling or disposing of a residence, check with GW first to see how we can help.

Vacation Homes When the hassle of upkeep turns your vacation home into a chore, GW can help. We work with gifts of cabins, condominiums, travel motor coaches, yachts or any other type of vacation property you may own (excluding time-shares).

Investment Property You may have invested in residential, rental, or commercial property to provide supplemental income. Over time, finding renters, paying taxes, and property maintenance may be more work than you are willing or able to do. If you use this property to fund a charitable remainder unitrust or charitable gift annuity, you can receive an income stream for life while avoiding the hassle of property ownership.

At the end of the trust, your gift will make a significant difference at GW.

Commercial Property Your company can benefit from a charitable donation to GW, too. We can find creative solutions to the problem of corporate surplus property, as well as charitable uses for apartment and office buildings, retail centers, medical offices, and many other types of commercial property.

Vacant Land You may be paying taxes on vacant property that you have decided not to develop. Consider donating it to benefit GW. You can give this land outright, sell it in a bargain sale, put it in a trust, or leave it to GW in your will.

Farm/Ranch/Mineral or Timber Rights Whether it is the family farm, mineral rights, or timber land, we can use your income–producing property to craft a gift arrangement that could provide you with income as well as an income tax deduction, while also freeing you from the work of managing the property.

Worldwide locations Do you or your company own property in another country? We have experience in facilitating gifts of real estate in several countries. Please contact us regarding your specific situation.

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Ways To Give Real Estate Outright The simplest way to donate real estate to GW is through an outright donation. By entering into an agreement to give all or a portion of your real estate to GW, you will maximize your support of GW and may be eligible for an income tax deduction equal to the full appraised value of your real estate. Typically, GW will sell the property and use the proceeds to benefit the school or program of your choice.

Bargain Sale In a bargain sale, you sell your property to GW at a price below its appraised fair-market value. GW will pay you the reduced price, and the remainder of the appraised value becomes a tax deductible donation to GW. Bequest You can benefit GW simply by including a bequest intention of any property in your will. The bequest may be either unrestricted or, in consultation with GW, designated to a school or program of your choice. If you like, you may choose to donate a portion of your real estate to GW, and share the gift among other charities or individuals of your choice.

GW can provide you with sample bequest language to share with your legal advisor. After you make a bequest, please let us know so we may recognize you in GW’s Heritage Society.

Life Income Gifts (CRT and CGA) (outright or bequest) Through a charitable remainder trust or a charitable gift annuity, you can turn your real estate into a reliable income stream. In exchange for your property, GW will agree to pay you and a spouse or other loved ones a steady income for the remainder of your life/their lives. In addition to lifetime income, you are eligible to take a charitable deduction for a significant portion of the gift.

Retained Life Estate This option allows you to donate your property while continuing to enjoy its use for as long as you wish. When you give your home to GW subject to a “retained life estate,” you may continue to live there for the remainder of your life, or the life of your spouse or other family member. You are eligible to take an immediate income tax deduction for a portion of the value of your home. You can use a primary residence, second home, farm or any asset you use as a personal residence for a retained life estate.

Additionally, you may combine a retained life estate with a charitable gift annuity to receive a fixed income for the remainder of your life while also remaining in your home for as long as you wish.

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We Are Here to Help Each gift of real estate is unique. GW’s knowledgeable real estate professionals are here to guide you through the available options and simplify the process. We will be glad to meet with you and your attorney, tax advisor or financial planner to discuss your specific situation. Please contact GW’s Office of Planned Giving for personalized illustrations that show how GW can help you turn your real estate asset into a gift that can benefit you, your family and the GW program of your choice.

Office of Planned Giving Phone: 877-498-7590 E-mail: pgiving1@gwu.edu Web: go.gwu.edu/plannedgiving

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