A Gift in Your Will or Revocable Living Trust
- If you wish to retain control of your property during your lifetime but desire to make a gift to benefit Froedtert Hospital and Medical College of Wisconsin after your passing, a provision in your will or revocable trust can give the real estate to Froedtert Hospital and MCW from your estate. Should your needs change, you will have the ability to revoke the gift.
In Exchange for Income - If you wish to give your property to Froedtert Hospital and MCW and create income, you can transfer the property into a tax-exempt charitable remainder trust. You will receive an income tax charitable deduction for a portion of the fair market value of the property. The trust will sell the property and no taxes will be due. All the proceeds from sale will be invested. You will receive payments for life. When the trust terminates, the remaining assets will go to benefit Froedtert Hospital and MCW.
A Gift of Some - You can give a percentage interest in your property to Froedtert Hospital and MCW and keep the remaining interest. This will result in an income tax charitable deduction for the fair market value of the interest you give to Froedtert Hospital and MCW. It is possible for both Froedtert Hospital and MCW and you to sell the property, with both receiving cash proceeds. You can use your charitable deduction to offset capital gain taxes from the sale of the interest you retained. You can also give a percentage interest in your property to a charitable remainder trust, generating an income stream for you once the property is sold.