Lyle and Janet* accumulated over 20 rental properties over their lifetime as their plan for retirement income. Now in their late 80's, the properties are getting harder to take care of and their children don't want the real estate. As a result, Lyle and Janet are beginning to divest, and have made a commitment to gift any properties still owned by them at their passing to MHA. They are also considering creating a Charitable Remainder Unitrust for some of their current properties.
Gerald and Vera* own several sections of farm ground in western Kansas that has been in their family for generations. But they also own the first piece of land that they bought when they got married. Due to its size and geography, they haven't farmed it for several years. They recently provided documentation to MHA that the smaller piece will be gifted to MHA directly in their will. But the larger sections need to be kept in their family. As a result, two of the quarter-sections have been placed into a Charitable Lead Trust, which provides the income from that property to MHA for 15 years. At the end of that time, the trust will dissolve, and the ownership of those quarter-sections will revert to Gerald and Vera's two sons to continue the farming tradition.
If you have a question about using real estate to support MHA, or about forming a charitable trust using farm ground, small businesses, rental property, etc. to join the MHA Bell Society, call 316.651.1241 for a free consultation.
* Names changed to protect anonymity.