NEWS & PRESS RELEASES
Family adds house to BBC&S gift
Some people make one substantial charitable gift during their lives. Others live a life of generosity.
Thinking one planned gift was not enough, Fred and Betty Harris of Whitney Point, NY, recently established an agreement to give their home to BBC&S after they pass away.
The Harris family will retain the use of their home for the rest of their lives. After their passing, their house and land will become the property of BBC Foundation which will sell the property and use the proceeds to help Baptist Bible College & Seminary students with their education.
Called a life estate reserved agreement, the arrangement provides the Harris family an IRS-approved income tax deduction based on the value of their future gift. In addition, the property will not be subject to probate costs.
The Harris family worked with BBC Foundation and their attorney to establish this future gift.
"A life estate reserved agreement is a great option for someone who wants to leave a house to BBC&S after they pass away but wants to continue to live there," said Mark Robbins, a CPA and president of BBC Foundation. "A new deed is created, retaining use for the donors during their lives and giving the property to BBC&S after their passing. Donors can accomplish a similar result by creating a bequest in a will, but the life estate reserved provides the added benefit of a charitable deduction which you can't get with a bequest."
Creating a legacy
The agreement follows a generous gift made by the Harris family earlier this year. They created a charitable remainder unitrust through the sale of their farm to help them avoid capital gains tax, increase their income, and create an estate gift for BBC&S students.
Read more about the farm gift here.
"I really wanted to make this gift," said Fred. "We love our children, and many people just automatically leave their house to their family. But I made the decision that I wanted to help the students at BBC&S so we followed through and set up this gift."
To learn more about planned gifts and their financial benefit, click here.
BBC Foundation assists individuals with biblical retirement and estate planning and builds financial resources for Baptist Bible College & Seminary and other biblically-based ministries. For details, go to www.bbcfoundation.org or call 800.451.8668.
Baptist Bible College & Seminary offers 38 academic programs, from a one-year Bible Certificate to PhDs. Programs are available through the Clarks Summit campus and several distance learning options. To learn more, go to www.bbc.edu or call 570.586.2400.
Posted on: 10/22/2008 9:50:04 AM