Land gifts seeded with financial potential
Varieties of property that make good gifts
Wise property owners know that nurture is part of ownership. Owning property can be hard work.
Maybe it is time for your property to work hard for you. No matter what type of property you own, it may hold great potential.
Vacant lots can be full of possibilities. Property you bought years ago may be highly prized by a developer who is building or planning to build just around the corner. Possible benefits from its sale include capital gains tax bypass and, most importantly, income for life for you.
Do you own office space, storefronts, or other commercial space that you rent to others? Maybe your long-term tenant can be a near-term buyer. With the assistance of the Oklahoma United Methodist Foundation, you can sell some of the property and transfer the remainder to a special kind of trust. Together, this “sale and unitrust” plan can help you bypass capital gains tax, especially if you have depreciated the property, and generate cash and income for your life.
If you operate a family business and plan to retire but do not know how to pass the land to your family, a charitable gift annuity might be a good solution for you. You receive payments by exchanging the land for a gift annuity. Your children are permitted to purchase the land at fair market value from the Foundation.
No matter what type of property you own, you can make it work for you. Do not let the tax advantages of doing something special with your property get away from you.
Call the Oklahoma United Methodist Foundation at 800-259-6863, or visit them on the web at www.okumf.org to see how the Foundation can help you harvest the fruit of your land.