A Gift in Your Will or Revocable Living Trust
- If you wish to retain control of your property during your lifetime but desire to make a gift to benefit Buckingham Browne & Nichols School after your passing, a provision in your will or revocable trust can give the real estate to BB&N from your estate. Should your needs change, you will have the ability to revoke the gift.
A Gift in Exchange for Income - If you wish to give your property to Buckingham Browne & Nichols School, but are looking to create an income stream or replace lost rental income, you can transfer the property into a tax-exempt charitable remainder trust. You will receive an income tax charitable deduction for a portion of the fair market value of the property. The trust will sell the property and no taxes will be due. All the proceeds from sale will be invested. You and/or others you designate in the trust agreement will receive payments for life. When the trust terminates, the remaining trust assets will go to benefit Buckingham Browne & Nichols School.
A Gift of Some But Not All - You can give a percentage interest in your property to Buckingham Browne & Nichols School and keep the remaining interest. This will result in an income tax charitable deduction for the fair market value of the interest you give to Buckingham Browne & Nichols School. It is possible for both BB&N and you to join together to sell the property, with both you and Buckingham Browne & Nichols School receiving cash proceeds. You can use your charitable deduction to offset capital gain taxes from the sale of the interest you retained. You can also give a percentage interest in your property to a charitable remainder trust, which will generate an income stream for you and loved ones once the property is sold.