Christ Temple Church
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| "I would really like to give a major gift to the Christ Temple Church of the Apostolic Faith Inc., but I don't have the money to do so." |
If you own real estate, this gift may be a possibility!
Giving can be a rewarding experience for you and for us at the
Christ Temple Church of the Apostolic Faith Inc. (Christ Temple). Your gift gives
you the satisfaction of supporting an organization
that is involved in evangelism. Also, it is encouraging to us because part of our ministry is devoted to helping people
like you discover and enjoy the stewardship of giving wisely and
effectively.
Almost any kind of real estate can be given in a variety of ways.
However, effective giving requires careful planning. To better
understand how a gift of real estate may affect you and Christ Temple,
let's consider the following questions:
- What real estate can I give?
- What if my real estate has decreased in value?
- How much real estate can I give?
- How can I give real estate?
- What real estate can I give?
You can give any real estate--home, farm, rental property, business property, vacant land, island, timberland, ranch, hotel, vacation cottage--as long as it is readily marketable and does not contain environmental contaminants.
Giving real estate which has increased in value offers the most significant tax advantage. Most often, if you sell real estate other than your home that has increased in value, you must pay a tax on the capital gain. However, if you give that real estate to Christ Temple rather than selling it, you may be able to avoid all tax on the gain. Not only that, but you can claim a charitable contribution deduction on your income tax return for the full market value of the real estate gift.
Return To Questions List- What if my real estate has decreased in value?
If the value of your real estate has decreased, then sell it and give the proceeds to Christ Temple. This way you may be able to deduct the long-term capital loss.
Return To Questions List- How much real estate can I give?
You can give as much real estate as you wish. However, the tax laws specify how much of the value of the real estate you can deduct each year from your income.
Return To Questions List- How can I give real estate?
christteme@aol.com
Unrestricted Gifts--
You can give your appreciated real estate to Christ Temple as a gift to be used immediately for God's work.
A Gift Retaining the Right to Receive Income for Life--
If you need the income from your real estate, yet eventually want to give it to Christ Temple, you can request a lifetime income in return for your gift. Here's how:
With a Charitable Revocable Living Trust
- Transfer real estate to a trustee for the future benefit of Christ Temple.
- Continue to receive the net income the property produces.
- The trustee may also sell the property, at your request, and reinvest proceeds for your benefit. However, if sold, you would be subject to tax on gains.
- It's flexible, simple, and very private. You can change your mind anytime and add or remove assets of the trust. The beneficiaries, income distribution, or assets in the trust can be changed. You can even designate that at your death the trust shall become an unchangeable agreement and pay income to another person (subject to limitations of trustee).
- Retain the income for life.
- Not part of your taxable estate unless you designate the income to go to another person after your death.
- Avoid probate.
- Give a charitable gift of real estate to Christ Temple.
- Receive an immediate income tax charitable contribution deduction.
- Retain an income interest for life, subject to the assets in the trust and their ability to produce income.
- Avoid all estate tax on the assets in the trust. Designating the income to go to another person may result in some estate tax.
Click Here For More Information On TrustsA Life Estate Contract Gift
If you want to give your home or farm to Christ Temple but wish to continue living there for the rest of your life, a life estate agreement may be the answer. The life estate agreement can be irrevocable or revocable.
With an irrevocable agreement you cannot change your mind. Once you have signed the agreement it is permanent. You can continue to live in the home or farm, but you cannot cancel the agreement and regain title to the property. In return for this restriction, you can take a charitable deduction for a portion of the current value of your home or farm in the year of the gift.
In a revocable life estate agreement the title to your property is put in the name of a trustee, but you continue to control the property as long as you live. You can use the property in any way you desire. However, you cannot take a charitable deduction.
Both types of agreements convey the real estate to Christ Temple at your death with no probate, no estate tax (unless you make arrangements that after your death the life estate be reserved for a person other than your spouse, in which case there may be some estate tax), and no delay, just as you intended. While you live it is still your home-you continue to maintain the property and pay the utilities, taxes, and insurance.
Through Your Will
If you prefer to control and manage your real estate but would like to give it to Christ Temple at your death, you can make that gift through your Will.
You will not get an immediate charitable contribution deduction on your income tax return, but the portion of your estate subject to estate tax will be reduced. Also, Christ Temple will be able to use your gift for our ministries when you no longer need the property.
Return To Questions List
The Decision-Making Process
What are the primary considerations in giving real estate?
One consideration is assessing whether you need to receive an annual income in return for your gift. If so, the next step is selecting the plan that will be best for you. Because selecting the right plan depends upon your individual situation, you may want to ask a few questions. Do you need to have a plan by which the income is retained for you or a loved one? Will you benefit from claiming a charitable contribution deduction on your income tax return? Do you need to have access to the principal? Do you need to continue living in your home for the rest of your life?
A second consideration is the need to give a gift to support something you believe in. Giving real estate is a unique opportunity to give a gift--other than cash--that will make a difference in accomplishing the work of God through this ministry. Do you desire to make a difference, and do the ministries of the Association connect with this need you feel?
If this is your desire, we want to be of assistance to you in making a gift of real estate.
We would be happy to help you and your advisors explore the available options in charitable gift planning. If you have questions and would like to talk to one of our representatives about a Real Estate Gift, please contact our office via mail, phone, or e-mail at:
Christ Temple Church of the Apostolic Faith Inc.
9020 B Woodyard Road
Clinton, MD 20735-4212
(301) 868-3567
e-mail:
Information sent via the Internet may not be secure
Return To Real Estate Index
The purpose of this section is to provide information of a general nature only. For specific legal advice and assistance, you should contact your own attorney.
- What if my real estate has decreased in value?
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