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Cape Gazette
Lewes, Delaware
Jim's Towing Service
January 16, 1998     Cape Gazette
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January 16, 1998
 

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CAPE GAZETTE, Fi'iday, January" 16"- Jmi '22, 98- 29 Sussex CHEER offers opportunities for giving property condominium, farm, commercial property, vacant land, etc.) to CHEER depends on a donor's in- dividual situation and his or her needs and objectives. Real estate can be given as an outright or de- ferred gift. With a deferred gift of real estate, the donor can maintain as much or as little control over the property as desired and can designate how the" gift will be used. Assuming the property has Sussex County Senior Services, Inc. (CHEER), provides programs and assistance for many of Sussex County's senior citizens through community outreach initiatives. There are a variety of ways to help support CHEER and its mission, including donations of real estate, which offers tax-saving benefits. The method most suitable for making a gift of real estate (resi- dence, vacation or second home, Rehoboth Lions donate to RBVFC King Lion Jim Hudson (left), of the Rehoboth Beach Lions Club, presents a $200 check and a certificate of appreciation to Robert Scala for the Rehoboth Beach Volunteer Fire De- partment. Scala demonstrated the procedures firemen under- take before going out to fight a fire. NARFE set to meet Jan. 21 Sussex County Chapter 1690 of the National Association of Retired Federal Employees (NARFE) will hold its next meeting on Wednesday, Jan. 21, at the Rusty Rudder in Dewey Beach. Socializing starts at 11:30 a.m., with lunch served at 12:15 p.m. The program will be presented by Cape Gazette publisher Dennis Forney. To' make reservations, call Marion Barr, 227-2736, by Jan. 16. Visit- ing NARFE members are always welcome. been held for a long term, a gift of property to CHEER can eliminate capital gains taxes, reduce real es- tate taxes, reduce probate costs, and the donor can take an income tax charitable contribution for 100 percent of the fair market value of the property. Outright gifts of real estate. Outright gifts of real estate are the most common way real estate is given to charitable organizations. The donor can take an income tax charitable contribution of 100 per- cent of the fair market value of the property and, in addition, may eliminate capital gains taxes and reduce estate taxes and probate costs. Gifts of real estate. Gifts of re- al estate are frequently made through a donor's will much like other donor's bequests. Depend- ing on the size of the donor's tax- able estate, tax and probate sav- ings can be substantial. Gifts of real estate using a life payment trust in a will. A donor can combine the advantages of a will and the benefits of a trust by creating a charitable remainder annuity trust. The trust becomes effective upon the death of the donor and makes payments for the lifetime of one or more surviving beneficiary or beneficiaries. Life payments through gifts of real estate. An individual or cou- ple can give real estate to CHEER in exchange for a guaranteed life- time income for one or more indi- viduals, usually the donor or the spouse. The donor may eliminate capital gains tax, realize an in- come tax deduction, and may even increase the donor's spendable in- come. At the death of the last ben- eficiary, the remaining assets in the trust become available to CHEER. Incarnations S M di D g By A eries of Mixed e a rawin s ....................... Rachel Bullock January 17 through February 11, 1998 Reception January 17, 1998 5:30 to 8:30 p.m. ................... Workshops andGallery 41 Baltimore Avenue, Rehoboth Beach, DE !!!!!!!!!!!!i!i!!!iiiii!i!i!!!i!!!!!!ii!!i!ii!!!!!i!!i!!!!!!!i!!!ii!!iiii!!iii!!ii!iiii!!!!!!!!ii!!i!!!iii!iii!!!!!iii!!i!iii!!!!!i!!!i!i !!!!!iiil iii!i9!i!!!!iiiii!iii!i! '!'!I: : Charitable lead trust through real estate. Real estate can be used to establish a charitable trust. CHEER receives the income from the donor's real estate for an agreed upon period of time, either a specific number of years or until the donor's death, with which the real estate passes back to the donor or to other individuals. This may be advantageous when the property is expected to appreciate in value. Gifts of real estate with a life agreement A life estate agree- ment enables the donor to give CHEER his or her home, farm, etc., but reserves the right of the donor, spouse or other beneficiary to use or reside on the property for their lifetime. The donor or others retain the full use of the property, but also have the responsibility of maintenance of the property. After the donor or individuals that are named to the property die, CHEER obtains the property. The donor receives income tax deduc- tions for the present value of the gift and avoids capital gains tax, which usually results in estate tax and probate cost savings. Bargain sale. A bargain sale is a sale of property to CHEER for less than the fair market value of the property. Usually, the donor wants to make a donation to CHEER, but does not want to give the total value of the property. A bargain sale is part charitable and part sale. Income taxes, capital gains tax, estate tax and probate cost savings may be realized by a bargain sale. There are many variations to ways of gifting real estate as there are needs and objectives of real estate owners and CHEER. As with any significant gift, the donor should consult with a competent professional advisor before final- izing the gift. For more information about planning a gift to Sussex County Senior Services, call the CHEER office at 856-5187. We have the Graduation items you need! Carlson Craft* announcements, open house cards, party supplies, and much more! .. -- 15 Midway Shopping Center 4950 Highway One, Rehoboth (302) 644-9034 (FAX) 644-9036 SOUTH MOON UNDER lIThE CAPE REGION- WE'VE IT COVERE00: II Call 6-7700 to subscnbe. [ Subscribe Today-Call 645-7700 I