If you've owned real estate for a long time, you're aware of the rewards and challenges associated with property ownership. Taxes, insurance, leases, maintenance issues and other factors eventually cause property owners to consider selling their investment However, before selling, consider a new option Donating real estate to Union College may open the door to a creative giving opportunity.
Consider the story of the Brinker family. Maxine Nelson Brinker graduated from Union College Academy and attended Union from 1935-1939. Her mother, Mary Wilbur Nelson, also attended Union and taught church school until she was 80 years old.
Upon Mary's death, Maxine received 40 acres of untouched woodland in southwestern Missouri. Through the years, Maxine and her husband, Orason '39, maintained the property in its unspoiled condition. After Maxine's death in 1995, Orason wondered what would become of this unique property which had been a part of the family for so long. Although his two daughters were the designated heirs, they had little attachment to the property and were concerned about maintaining the land.
Recently, Orason and his daughters, Bonnie Harlan and Mary Lou Pribic, decided to donate the property to Union College to establish the Brinker Family Scholarship. "Our dream was to help the college," says Orason. Union College was responsible for the many details involved in transferring, selling and closing the property. The family did not have to handle any of the technicalities but could focus on their goal: to establish an endowment to assist Union College students.
Donating real estate is advantageous for many reasons.
- The gift results in a valuable income tax deduction.
- Tax on the capital gain can be avoided.
- Giving property frees you from the responsibilities and costs of looking after it.
- A gift of real estate allows you to make a larger gift than you may have otherwise considered.
To find out more about giving real estate, contact Scot Coppock, Director of Leadership Giving at Union College, 3800 South 48th Street, Lincoln, NE 68506, 402.486.2503 or e-mail sccoppoc [at] ucollege [dot] edu.