GIFTS OF REAL PROPERTY

Gifts of real property to the College may be made by a bequest or more often, by a lifetime transfer and receive tax benefits. While the term "real property" is defined broadly, the College reserves the right to refuse a gift of real property under limited circumstances.

• Outright Gift - Transfer title to Saint Paul's College. The College may sell the property or retain possession of the property.

•  Life Income Gift - Real property is transferred to a trust and subsequently sold by the trustee. The income is paid to the donor and/or other named beneficiaries for life based upon the net proceeds of sale and a previously set rate of return. At the death of the named beneficiary(ies), the remaining assets of the trust pass to the College.

•  Life Tenancy Gift - In some circumstances, real property may be transferred to the College while the donor retains the right to live in the property for his/her lifetime. The donor receives an income tax charitable deduction for the present value of the remainder interest of the gift. At the time of the death of the "life tenet", the College becomes the sole owner of the real property and retains all rights to hold, use, sell and/or lease the property.

DONORS SHOULD CONTACT THEIR PERSONAL TAX ADVISOR FOR ALL QUESTIONS RELATED TO THE TAX TREATMENT OF GIFTS MADE TO THE COLLEGE. CONTACT THE OFFICE OF INSTITUTIONAL ADVANCEMENT AT 434-848-6413 OR BY E-MAIL AT wherrington@saintpauls.edu FOR QUESTIONS.