Gifts of Property
While many gifts to the Downeast Lakes Land Trust come in the form of cash or appreciated publicly-traded securities, other types of property – such as real estate, personal property, and intellectual property – can also make wonderful gifts.
Property can be given to the DLLT outright, used to fund a life income gift, or given to the DLLT through a will or living trust.
If you are contemplating whether your property would serve as a suitable gift to DLLT, please reach out to us early in your decision-making process. This way, we can verify that it can be utilized by DLLT in the way you intend.
Property That Might Make a Good Gift
- A primary residence, seasonal home, timber lot, or other undeveloped real estate, or, in some cases, commercial property
- Artworks and collectibles like rare books or antiques
- Publication royalties, copyrights, patents, and mineral rights
- Privately owned securities and interests in limited liability partnerships
Ways to Give Property
Gifts of property start with a conversation with the DLLT to assess whether the property can be accepted and to discuss the timing of the gift. Gifts of property can be made in the following ways:
- A direct transfer of property while you’re alive.
- A bequest of property upon your passing through a bequest provision in a will or living trust.
- A retained life estate in real property is where a home or farm is transferred to the DLLT, but you keep the right to use it for your lifetime.
- A transfer of property into a charitable remainder trust in exchange for a lifetime income stream or a term of up to 20 years.
- A transfer of income-producing property into a charitable lead trust can fund your philanthropic plans for a fixed term, allowing the property to appreciate during that time and then revert back to you, pass to the next generation, transfer into another CLT, or move to a charitable remainder trust.
- A binding promise to gift your personal property irrevocably at a future date, which is enforceable on your estate.
Each way to give property—whether real estate or personal property—has certain benefits, including tax benefits. In many, but not all, circumstances, a gift of property may generate an available federal charitable deduction for income tax purposes. However, per IRS regulations, a qualified appraisal is required.
For more information, please call the Downeast Lakes Land Trust office at 207-796-2100.
Please understand that we cannot offer legal or financial advice, and none of the information provided above should be construed as such. We suggest consulting your own legal counsel or financial advisor before deciding whether to proceed with a gift.
