Do You Own Real Estate Other Than Your Home?
Sometimes when people own real estate in addition to their home, it was given to them through their parents' or grandparents' will. Most people don't realize that passing real estate down through the generations can become problematic. This is true because each generation typically multiplies the number of owners, who each bring their own specific personality and belief system. It then becomes difficult for the owners to come to a consensus on issues related to the property. This can create hard feelings between family members and can sometimes end up effectively rendering the property useless and unsalable. People should really think and pray about whether or not to leave real estate in their will to their children, especially if the children will own the property jointly. It may be a better plan of stewardship to give real estate away during life to their church and/or other ministries they care about. This not only protects family from fighting with each other, but it also creates an opportunity to use possessions for immediate Kingdom impact.
Giving real estate to benefit the Lord's work goes back to apostolic times (Acts 4:3637). In today's world, it can be a great plan of stewardship because you can get a double tax benefit by avoiding capital gain tax and receiving a charitable deduction. If you are interested in giving a gift of real estate or another type of non-cash gift, Orchard Alliance can help. Our team of experienced gift and estate design consultants can answer any questions you may have and walk you through the process with just a few simple phone calls.
Call (719) 268-7202 to get started today.