Planned Giving - Define Your Legacy and Make a Difference!

Planned Giving

With thoughtful planning, anyone can provide for their financial goals and help Jacksonville University continue to be an extraordinary place to learn. Planning may allow you to:
  • Benefit family and friends while providing for the university that is important to you
  • Leave a personal legacy that reflects your values and beliefs
  • Take advantage of possible tax benefits
  • Receive the satisfaction of giving back in a meaningful way
Legacy gifts take many forms, and reasons to include JU in one's financial and estate plan are as unique as each individual, but they share a single purpose: to ensure that Jacksonville University will prosper in the future.

We appreciate the continued commitment of alumni and friends to JU students and thank them for all they do to make our good work possible. We would be honored to assist you, too. JU's success depends on your vision and generosity.
How to Make a Difference at JU
You want to make a difference at JU, but don't know where to begin? Identify your goals and review possible strategies to achieve them.
Read More...
Plan Your Gift At Any Age
Simple Planning Tips to protect your family and support JU too!
Read More...

 

Contact Us
Maria Pellegrino-Yokitis, JD
Director of Major Gifts and Planned Giving
Jacksonville University
2800 University Blvd. N.
Jacksonville, FL 32211
(904) 256-7928
mpelleg@ju.edu
Tax ID: 59-0624412

 

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Saturday April 30, 2016

Case of the Week

Exit Strategies for Real Estate Investors, Part 13

Case:

Karl Hendricks was a man with the golden touch. Throughout his life, it seemed every investment idea that he touched turned to gold. By far, Karl was most successful with real estate investments. It was definitely his passion.

Amazingly, Karl continued to buy and sell real estate at the age of 85. For instance, about three months ago, Karl discovered a great investment property. It was a “fixer-upper” commercial building in a great area. While other nearby buildings sold for over $2 million, the seller needed to sell quickly and was asking just $1 million.

The condition of the building turned many buyers away. It was being sold “as-is.” But Karl was not deterred. He could see great potential with the building and knew it would not take much to get it to market condition. Therefore, Karl swooped in, bought the building for $1 million and instantly hired contractors to refurbish the place.

After three months of hard work refurbishing the building, the place looked like new! In the end, Karl invested $250,000 in the building bringing his total investment in the property to $1.25 million. One month after the completion of the work, Karl was contacted informally by a company that expressed an interest in the building – a $2 million interest! This was no surprise to Karl. He knew the building was another great buy.

After Karl learned about the benefits of a FLIP CRUT, he eagerly wanted to move forward. (See Parts 1 and 2 for a full discussion of this decision.) It looked like the perfect solution. However, Karl did still have some important questions.

Question:

After learning that an appraisal and IRS Form 8283 were required, Karl wondered what reporting requirements were imposed upon the charitable donee or CRT trustee in such a situation.

Solution:

When the charitable donee or CRT trustee signs a donor’s IRS Form 8283 Part B, that person incurs an obligation to file Form 8282 if the donated property is sold or disposed of within 3 years. This obligation only applies to property where the donee signed the appraisal summary. Thus, gifts of property where only Form 8283 Part A is completed is not subject to this rule. Because the FLIP CRUT trustee will sign Form 8283 upon receipt of Karl’s building, he or she is subject to the Form 8282 rules.

A disposition is defined as the sale, consumption or gift of the "charitable deduction property." There are some exceptions to this rule. For instance, Form 8282 is not required when the donee uses or consumes the property for its exempt cause. In this case, the FLIP CRUT trustee intends to sell the building within three years. Therefore, the sale of the building within three years will trigger a Form 8282 filing. Form 8282 must be filed within 125 days of the sale of the property.

Form 8282 disclosures include: donor and donee personal information, date of gift and date of disposition, description of property, and amount received by donee upon sale or disposition. The donee must provide the donor with a copy of Form 8282.

A failure to file Form 8282 or provide a copy to the donor may subject the charity to a penalty. Such penalties are as follows:

Failure to File Penalty: $50 per return
Failure to Give Copy to Donor: $50 per return
Fraudulent Identification of Tangible Personal Property: $10,000

Editor’s Note: In Part 12 of this case study series, we address IRS Form 8283.

Published April 22, 2016
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Previous Articles

Exit Strategies for Real Estate Investors, Part 12

Exit Strategies for Real Estate Investors, Part 11

Exit Strategies for Real Estate Investors, Part 10

Exit Strategies for Real Estate Investors, Part 9

Exit Strategies for Real Estate Investors, Part 8

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