You can make an irrevocable gift of a personal residence, vacation home, or farm to Randolph-Macon College and retain the right to live in it for your lifetime.
A life interest, called a retained life estate, can be retained for your life or the lives of other individuals. Because the College receives your property at the end of your life, you are entitled to an income tax deduction at the time you make the gift.
You can also make an outright gift of all or a portion of your interest in your property, or use the property to establish a charitable remainder trust and receive income for your life or a term of years.
If you make an outright gift, you receive a current income tax deduction for the appraised value of the property. The proceeds from the subsequent sale of the property are applied to the area of the College your designate.
In the case of a trust, the proceeds from the sale are reinvested in the trust and provide income to you or another beneficiary. At the end of the trust term, the College applies the remaining principal to the College as you designate.
In the alternative, you may sell property to the College for less than its fair market value. This type of gift, called a bargain sale, is often used when an individual is interested in supporting the College with a gift of real estate while at the same time recouping some cash, perhaps equal to their initial investment in the property.
The Office of College Advancement • P.O. Box 5005, Ashland, VA 23005
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