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Property Turns Into Income

Property Turns Into Income
Disclaimer: The following testimony is not from an actual Dallas Seminary donor, but illustrates an example of how the Foundation might help a donor create a unitrust that provides steady income during their retirement years.

Frances Johnson lived in the family home where she and her husband had raised their three children. After her husband passed away, Frances found it increasingly difficult to care for her property.

Frances' grandson came often to visit and help her with chores around the house. On one such visit, he helped Frances "surf" on the Internet. Frances enjoyed reading the weekly finance updates and donor stories on the web site of one of the charities she supported. She learned that she could make a gift of her home to charity and receive income for life. (See Dallas Seminary Foundation web site at www.dallasseminaryfoundation.org.)

FRANCES: I called an advisor at the charity and asked how a charitable remainder trust works. The advisor told me that when the time came for me to move out of my home I could give it to the charity and set up a special kind of trust. The trust would provide me with income for the rest of my life. In addition, I would receive a tax deduction for my gift.

Frances thought she might want to move to a condominium with less upkeep. Her financial advisor reviewed the plan and said that the income Frances received from the charitable remainder trust would be enough to cover her living expenses.

FRANCES: After reviewing some real estate web sites with my grandson, I found a condominium nearby that was perfect for me and my needs. I called the gift planner and said I was ready to move out of my home and set up the charitable trust.

Frances was thrilled that she could turn her property into income to meet her future needs and also receive a charitable deduction for her gift.


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