Are you planning on purchasing a house in San Diego in the near future? If so, you will need to have it inspected before finalizing your deal. This guide from Homes by CC will assist you in knowing
Converting property assets into income and a charitable gift
Dated: January 11 2019
Assets. A lot of us have them, whether it be real estate, stock, bonds, shares, etc. But the question is, are we making the most out of their worth? It may seem that at this stage, you have the assets, but aren’t sure of the potential they have to benefit you long term.
Let’s say you have owned a property for several years, having spent countless hours upholding it, and you now feel ready to throw in the Landlord towel. What if there was a way to turn that property asset into a lifetime stream of income, reduce your taxes and expenses, and provide a generous gift?
By contributing an asset to a Charitable Remainder Trust, you will receive a charitable deduction and regular payments from the trust back to you during the trust term. Once the property goes into the trust, there are no longer capital gains. At the end of the term, the amount remaining in the trust is transferred to a charity of the donors’ choice.
A Charitable Remainder Trust can be a useful tool to avoid capital gains tax on highly appreciated assets, and at the same time, avoid income tax. More importantly, converting an asset into streamable income can relieve pressure from the future of the unknown. To top it off, you can make a philanthropic impact for a cause that you truly believe in.
Want to learn more? Check out my recent Facebook Live video below with Betsy Merritt of New Break Financial and learn how she can assist you in setting up a Charitable Remainder Trust.
I am a San Diego real estate agent helping home sellers and buyers since 2009. I have been a licensed working professional since 2005 and over my many years in the real estate business I have encount....
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