Donating Your Property to the Library of Teachings
Donating your house or property to the Endowment Fund is a fantastic way to support the Library of Teachings. This is a simple way for you to make a meaningful contribution without all the headache of going through a property sale. This can be done anytime, of course, but it can also be part of your will so that you enjoy your property during your lifetime.
However, there are options that allow for you to donate your property during your lifetime. You can help you meet your personal goals, save on taxes, and make a gift of property to the Yogi Bhajan Library of Teachings all at the same time. The IRS encourages these creative options, and all are within the current US tax code.
Retained Life Estate
Your home is most likely your biggest asset. How can you make a gift to us and continue living there? Through a Retained Life Estate, you get the tax deduction now and continue to live in your house throughout your life.
There are several good reasons to consider this kind of gift:
- You receive an income tax deduction in the year of the gift, based on your age and the value of the property.
- You can avoid family disputes over the future use and ownership of your home.
- You can make a significant gift to the Library of Teachings and support a project or program that is important to you without giving up liquid assets.
- Giving real estate during your lifetime can simplify the estate settlement process: executors are relieved of any costs, expenses, and delays that can be involved in a transfer of real property at death.
- A retained life estate gift reduces your estate taxes by removing your property from your taxable estate.
- You can choose to move out of your home, which can either increase the tax deduction you can take during your lifetime or provide you with a payment for the value of your remaining life interest.
Call us at +1-855-519-4790 to find out how easy it can be to fund the endowment through a donation of property.
