Tag: Donation

What It’s Like to Donate a Property

On January 6, 2025

Donating a property might seem like a big, complex step, but it’s an enriching experience for many. It’s a way to give back to the community while potentially receiving significant tax benefits. Let’s break down what it’s really like.

Why Donate a Property?

There are many reasons people choose to donate property. Some have inherited a property they don’t need or want to manage. Others might own vacation homes they use infrequently. And then some simply want to make a difference.

Donating property can offer substantial tax benefits. Depending on the type of property and the charity, you might qualify for a tax deduction. However, consulting with a tax professional is crucial to understand your situation’s implications fully.

The Donation Process

The process of donating a property involves several steps. First, you’ll need to decide which charity aligns with your values. Some organizations specialize in turning donated properties into affordable housing, while others might use them for their operations.

Once you’ve chosen a charity, you’ll work with them to assess the property’s value. This valuation will be used to determine the tax deduction you can claim. The charity will then guide you through the legal process of transferring ownership.

Emotional Considerations

Donating a property can be emotionally complex. It’s often tied to memories, family history, or dreams of future use. It’s essential to be honest with yourself about your reasons for donating. Are you ready to let go of the property completely? Understanding your motivations will help you navigate the process with clarity.

The Impact

Seeing the positive impact of your donation can be incredibly fulfilling. Whether providing housing for families in need, supporting educational programs, or advancing medical research, knowing that your property has made a difference can be a powerful motivator.

While practical considerations are involved in donating a property, the emotional and social rewards can be immense. It’s a decision that requires careful thought but can also be a source of great satisfaction.

Tips for Potential Donors

Do Your Research: Learn about different charities and their missions.
Seek Professional Advice: Consult with a tax advisor and real estate professional.
Understand the Process: Familiarize yourself with the legal and paperwork requirements.
Consider Your Emotional Attachment: Be honest about your feelings towards the property.
Focus on the Impact: Remember the positive change your donation will create.

Donating a property is a significant decision, but it can be a powerful way to make a lasting impact. By carefully considering your options and seeking guidance, you can make an informed choice that aligns with your values and goals.

4 Red Flags Among Charities to Look Out For

By Jimmy Lustig

On August 23, 2021

In Blog, James Lustig, Jimmy Lustig, Philanthropy

As the wallet empties, the heart is filled. Part of being a person is helping the needy. However, some errant individuals are preying on innocent souls without flinching an eye. They are running charity organizations to solicit aid, only to swindle naïve citizens. Be wary of the following four red flags before giving out to charities.

Extremely Dubious Operations

Any charity organization that is not transparent in its activities is not worth your resources. The majority of fake charities are suspicious of their grant expenditure. They cannot precisely point the finger at what they have done with the relief funds they received.

Consequently, a charity that claims 100% disbursement of its funds to the cause is equally alarming. A charity has expenses and bills to sort out, such as salaries, administrative costs, and rent; hence they may only tunnel about two-thirds of their grants to the noble cause.

The Charity Is Fresh

A young and new charity organization that claims to have an enormous track record is another red flag to look out for. Before generously sharing out your resources, scan through the internet for reviews as well as a portfolio on the subject of charity.

Zero reviews depict the charity is fresh and probably started a few days ago.

Pestering Phone Calls and Emails

Once you’ve committed to giving, the charity is not giving you space to breathe. Unlimited phone calls, text messages, and emails confirming your status are another red mark. A genuine charity should not seem to prey or focus on your giving. The majority of scam charities keep bothering individuals to the extent of imposing deadlines on the aid. In case you start receiving badgering calls, run and don’t look back.

The Charity Is Unregistered

A search of the particular organization in the directory of charities is futile; then, you are likely to be falling for a scam. All non-profit organizations and charities are locally regulated and registered in various authorities. A genuine charity will not dodge registration by any means whatsoever.

Charity sees the call, not the cause. As you benevolently help out the needy, look out for the above four signs of any malicious charity organization.

How to Choose a Charity for Your Business to Support

By Jimmy Lustig

On August 22, 2021

In Blog, James Lustig, Jimmy Lustig, Philanthropy

Businesses that give back to the community also benefit from their generosity. Donating to local organizations helps to create a happier, healthier, and more prosperous neighborhood. A reputation as community-minded also aids in the overall public opinion of the business. The choice of who to support is a crucial decision because not all charities are equal. A few guidelines can help any business manager to choose wisely.

Choose Ethical Charities

Any charity a business selects to align itself with needs to have a good reputation. Make sure the group is an organized and legal nonprofit with excellent recordkeeping. Transparency is vital in how donations get dispersed and what percentage of funding goes to the cause versus administration. Experts recommend charitable organizations keep their administrative costs at or below 15 percent of their total budget. Some reputable groups may rise above this amount, but the variations should not be much higher.

Ensure Measurable Accomplishments

Select a nonprofit that has a record of achievements. Any established group receiving regular donations should have the ability to detail what they have built or improved in the community. Continue to follow those that promise future benefits without making a financial commitment to see if they meet their goals.

Pick Relatable Organizations

A medical-related company may want to give to health-centered charities. A business that focuses on children should choose a nonprofit that helps with children’s causes. The customers of any business will appreciate a company giving back to things that mean the most to them. The right choice of charity can also help increase the visibility of the company to potential customers.

Keep it Local

National and international charities do impressive things, but everyone wants to see their community thrive. Small businesses usually rely on support from their neighbors. Helping those neighbors is a way to say thanks for the support.

Support of a local cause can help increase public awareness of a business and draw in new customers. Charitable work is a way for business owners to network within the community and create connections they would have missed otherwise. Giving back allows a company to make a difference in its community, and that helps everyone.