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For Sale? Think Twice

Real EstateReal Estate Presents Many Options That Can Benefit You and FSU

A large number of alumni and friends of Florida State University are interested in contributing to the University's future, but some potential donors may overlook one of their most valuable assets—their property.

Giving property to the Florida State University Real Estate Foundation is another avenue donors to Florida State have for making gifts that may have been difficult to make in the past. Just like gifts of cash or securities, gifts of property may be used to benefit any area of the University that a donor chooses—whether it's for scholarships, faculty programs or capital improvement projects.

Established in 2011, the FSU Real Estate Foundation primarily exists to receive contributions of real estate to hold, manage, lease, mortgage, develop, administer or sell in order to contribute or distribute all or a portion of the net proceeds from such activity to Florida State University, the Florida State University Foundation or such other entity as the board and potential donors may determine appropriate.

In Good Hands

The FSU Real Estate Foundation is registered as a separate corporation in the state of Florida and has been granted status as a direct support organization of the University. The IRS has determined that the corporation qualifies as a tax-exempt public charity, and contributions to the Real Estate Foundation are deductible under section 170 of the Internal Revenue Code.

The FSU Real Estate Foundation board comprises seven directors from across the state of Florida: Chair Beth A. Azor from Davie; Vice Chair Brian K. Swain from Winter Haven; Bob Breslau from Davie; Ed Burr from Jacksonville Beach; Leslie A. McKeon from St. Petersburg; Steve Pattison from Plantation; and Tom Jennings, Florida State University Vice President for University Advancement and President of Florida State's Foundation.

With the expertise of this board, Florida State can now more efficiently and professionally facilitate many types of real estate gifts. Whether it comes in the form of gifts to trusts to provide income, outright gifts or creatively thought bargain-sale opportunities, the Real Estate Foundation stands ready to facilitate real estate gifts that will ultimately enhance the mission of Florida State University.

"The Real Estate Foundation has the potential to help grow our University through alumni and friends' gifts of real estate and to assist the University in that growth by utilizing real estate principles at the right time and place," Beth says. "The Real Estate Foundation will counterbalance the negative impact of the current economic climate and assist in accomplishing fundraising goals that Florida State has wanted to achieve for many years."

 

 

A charitable bequest is one or two sentences in your will or living trust that leave to Florida State University a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Florida State University, a nonprofit corporation currently located at Tallahassee, Florida, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the FSU Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the FSU Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the FSU Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the FSU Foundation where you agree to make a gift to the FSU Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

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eBrochure Request Form

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