The Able Trust - Because people want to work.

News

Table of Contents | Return to Main Newsletter Page

The Florida Grantor, Summer 2001

Trading Real Estate For a Lifetime of Income

A vacant lot. A vacation home. An Apartment Building. A few acres of raw land. Many friends of The Able Trust have real estate like this. They have property and they don't quite know what to do with it.

One possibility is to donate all or a portion of the property to The Able Trust, either as an outright gift or in exchange for a lifetime of income.

Consider Mr. and Mrs. Blair*. They had five acres of raw land that appraised for $100,000. They purchased it years ago for $5,000, thinking that they might build a house on it one day. That plan never materialized, but they continued to hold the land.

They thought of selling it more than once, but the idea of paying capital gains tax on the sale slowed them down. Also, they were overwhelmed just thinking about all the time and trouble it would take to market and sell the property. And so they just let it sit there.

Then they learned that The Able Trust was willing to help them use the land to create an endowment fund in their family name. They were also pleased to learn that they would receive and income tax charitable deduction for the gift.

Another couple, Fay and John Nye*, deeded their Apartment Building to a special trust, and The Able Trust made arrangements for them to receive income from the trust for the rest of their lives. Like the Blairs, they avoided capital gains tax and obtained an immediate income tax deduction. The Blairs created an endowment account in their family name to perpetually manage the trust reminder to help persons with disabilities with their employment.

Our Director of Gift Planning, Tom Norman, is available to assist you in thinking through the opportunities and issues related to real estate gifts. He will be happy to visit with you or talk to you on the phone. Tom is a knowledgeable estate and gift planner who listens well and keeps confidences.

To arrange a meeting with Tom and/or to request our free brochure on The Able Trust's endowment program, please call toll-free at 888-838-ABLE (2253) or email tenendow@msn.com.

* Fictitious names.