Choose any number of roads when making a gift of real estate to the Lucy Robbins Welles Library. They all lead to the common ground of benefits - first for you, then for the Library.
When you make a commitment to giving the gift of a currently occupied home or property to the Lucy Robbins Welles Library, the benefits happen now while the transaction takes place later. You continue enjoying your home and immediately receive an income tax reduction. Normal insurance, maintenance and taxes, however, still remain your responsibility.
Life Income Gift
Transform your property into a revenue stream for yourself or others by using it as a foundation for a life income gift. For more information, see charitable remainder unitrust.
Outright Property Gift
Donating your real estate - personal residence, vacation home or other property - allows you the maximum charitable deduction. An added benefit is the freedom from responsibility of having to buy and sell your property. If your property has appreciated in value, you could avoid capital gains tax while maximizing your charitable gift deduction.
Benefits of Giving Real Estate
Immediate benefit to the Lucy Robbins Welles Library to fulfill its mission
No capital gains tax on outright gifts of appreciated real estate
Charitable deductions based on current fair market value of your property
Before making specific plans for real estate donation, please contact the Library Director in the Administrative Office at 860-665-8724, or email the Library Director, or write at 95 Cedar Street, Newington, CT 06111.