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DONATING PROPERTY

A gift of real estate may include a gift of a principal or vacation residence, farm, timberland, commercial buildings or unimproved land and may be for the entire property or a fractional interest. Gifts of real estate entitle you to the same tax benefits as gifts of appreciated securities, provided you have owned the real estate for more than one year and there are no liens on the property. The donor is entitled to a charitable income tax deduction of the full fair market value of the real estate, valued at the time of the gift with an official appraisal. Additionally, the donor will avoid capital gains tax on the transfer. Gifts of real estate may also generate substantial estate tax savings by removing a high-value asset from your estate. Appreciated real property is also an excellent asset to use to establish a charitable remainder trust.

Since your home or property may be your most valuable asset, you may want to consider a gift of a remainder interest in your property instead of an outright gift. A gift of a remainder interest allows you to continue to enjoy your home for your lifetime, and the lifetime of your spouse, while providing a current charitable income tax deduction and potentially lower estate tax costs.

If you are interested in making a gift of land or other real estate to support the Georgia 4-H program, or discussing other creative funding opportunities, please call the Georgia 4-H Foundation office at (706) 542-8914.  Because the ability to market and/or utilize the property to further the mission of the Foundation is a major considerations in our acceptance of a gift of real estate, we invite you or your advisor to call us to discuss such a transfer.   A land gift can be a simple way to make a gift to support 4-H, which will serve as a lasting reminder of the impact of your gift.

Please note: The Georgia 4-H Foundation is a 501(c)(3) organization. All donations made to the Georgia 4-H Foundation are tax deductible according to IRS standards. Your contribution can be designated to support a specific purpose that is important to you, or left unrestricted to be used where the need is greatest. If you would like to make a gift to the Georgia 4-H Foundation, or would like to learn more about other giving opportunities, contact Mary Ann Parsons, Executive Director, Georgia 4-H Foundation, at (706) 542-8914 or via e-mail at parsonsm@uga.edu.

 
 


Smith Gift Provides Lasting Reminder

Jim and Barbara Smith of Jonesborough, Tennessee wanted to do something to recognize the contributions of Jim’s father to Cooperative Extension and 4-H. They wanted to fund an area of need in memory of his parents, J. Aubrey and Rosslyn B. Smith. However, it was not the project area they chose to fund which was unique, but the method which they chose to make their gift.

How did they make their gift? After consulting their tax adviser, Jim and Barbara chose to gift a percentage of a parcel of land which they inherited. A few simple steps later, Jim and Barbara made a charitable gift which would provide them with tax benefits and, upon the sale of the land, a naming opportunity to remember J. Aubrey and Rosslyn Smith.

Why did the Smiths choose Georgia 4-H as the beneficiary of such a gift? Jim’s father, J. Aubrey Smith, worked as a filmmaker with the University of Georgia College of Agriculture’s Cooperative Extension Service for nearly three decades, producing films on many areas of extension, including 4-H, before he retired in 1971. Jim’s father left a planned gift to benefit Georgia 4-H a few years ago, and the Smiths wanted to do something in memory of his parents and his father’s work with Cooperative Extension and 4-H. The funds received when the sale of the land is complete should provide ample funding to endow the Photography project in memory of J. Aubrey and Rosslyn B. Smith. The endowment will provide recognition and awards for youth participating in the project area, as well as funding to support the district youth participating in State 4-H Congress, and a travel scholarship for the state winner to attend National 4-H Congress. Additionally, residual funds will be placed in a support fund to support the 4-H Photography Contest. These funds will be utilized to enhance the contest and to also create a semi-permanent display for contest winners.