Many Bucknell donors find that real estate is the ideal asset for contribution. This type of support can take many forms, address your personal financial goals, and allow you to support the Bucknell designation of your choice.
Retained life estates allow you to contribute your home but continue to live in it. You get the benefit of an immediate income tax deduction and the use of the home for as long as you want. The late Marty Legette '41 created a retained life estate with her North Carolina vacation property. When she created the plan, Marty earned an income tax deduction for the gift. When she decided to sell the property, she and Bucknell shared the sale proceeds.
Outright gifts are another option. Ben Sampson ’69 and his late brother, Myles ’67, donated a parcel of undeveloped real estate in southwestern Pennsylvania. Income generated from the sale of this property endowed the Sampson Family Scholarship.
Life income gifts generate a steady stream of income. John and Linda Richter, parents of Tracy Richter Joyner ’97, contributed their portfolio of residential rental properties to fund a charitable remainder trust. This continues the income and allowed them to sell and reinvest in an easier-to-manage portfolio of securities – without paying capital gains tax. Their gift established the John W. Richter III Memorial Scholarship.
Bargain sales occur when real estate is sold to Bucknell at less than fair market value. Donors may claim the difference as a charitable deduction.
All real estate gifts require formal acceptance by Bucknell’s gift acceptance committee.