5 Ways To Get Estate Gifts For Your Group
The Easiest way is a direct gift. However it might be that your organization needs to be creative in how it acquires property. Here are a few ideas to get you started, but there are unlimited ways to structure a mutually beneficial gift/deal. It might be helpful to bring on an investor as an advisor but this relationship must be fair to both parties.
Old Houses or Abandoned Land can offer the best and safest returns.
Offer to buy a property with a mix of tax incentives, payments and cash. One idea is to lease for a period of time and then own. Example: Lease for a number of years; half of payments are waved in return for tax credit, after a certain time the property is deeded to you, which you then transfer to your buyer after the property is paid for. You’re basically buying for free with half of payments going to your organization and half to property seller.
** Don't rent, fixup costs for junky property can be huge. Sale AS IS, if you end up getting the property back its usually in better shape than you sold it for in the first place. A little lipstick work goes a long way.
Offer to provide care in exchange for acquiring after the person dies. Your group can provide priceless services and friendship to a donor who needs assistance. Make sure your organization gives more in value than the gift.
Find investors that are looking to retire and work out a buyout deal. Most investors can structure a deal that works for everyone. Maybe name a property after the donor.
Local Tax Sales can be a great place to pick up a property for wholesale prices. Your Legacy account can invest in these for a great return. Any organization can create a legacy fund whose job is to generate future funds and ultimately become self-sustaining.
Helping the local public with pet planning could bring you into contact with potential donors. The Pet Endowment Trust (PET) can help you setting up events and opportunities to assist pet owners with pet planning.
Warning and Due Diligence
After many years of doing this work I can say that their are people that will try to take advantage of you. Keep your guard up and get advice from a local investor if you can. What may look like a great deal may be a sink hole waiting to take your funds and time. Don't get greedy! There will always be other deals but your Legacy Fund could be seriously damaged.
One of the best books I can recommend is "Richest Man In Babylon" It holds many financial laws of prosperity that can be applied to many applications.
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