A Gift in Your Will or Revocable Living Trust
- If you wish to retain control of your property and make a gift after your passing, a provision in your will can give the real estate to Bucknell University. Should your needs change, you may revoke the gift.
In Exchange for Income - If you wish to give your property to Bucknell University and create income, you can transfer the property into a 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 will be invested. You will receive payments for life. When the trust terminates, the assets benefit Bucknell University.
A Gift of Some - You can give a percentage interest in your property 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 Bucknell University. It is possible for Bucknell University and you to sell the property, with both 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, generating income for you once the property is sold.