Gifting Family Land To Build God's Kingdom
Roger and Joan Fisher owned the farm where Roger grew up, which had been given to them by Roger's father many years before. The land was used by a tenant farmer who, over the years, had expressed an interest in purchasing the land. But for sentimental reasons, the Fishers had declined to sell the property to the farmer.
Eventually, circumstances caused Roger and Joan to change their minds. The time required to manage the land was too great since they lived 1,400 miles away. While Roger's family owned the land, the value of the property had increased greatly so much so that when they started preparing the land for sale, they ran into a major obstacle: they would need to pay $158,000 in capital gains taxes!
The Fishers met with a Wycliffe Foundation gift planning advisor to discuss their situation and share their goals for the land sale. They desired four key things: to sell the land without a large payout of capital gains taxes; replace the rental income they had been receiving from the tenant farmer; make charitable gifts to several ministries; and leave part of the proceeds to their children.
The gift planning advisor outlined a plan that could accomplish their objectives. By gifting undivided interest in the land to a charitable remainder trust and a Wycliffe donor-advised fund, they were able to draw an income for their lifetimes that is 25 percent more than they were receiving from the farm rental income.
They were also able to make immediate grants to Wycliffe, their church and several other ministries. After all that, they kept an interest for themselves that will be part of the inheritance they leave their children. Together, the three owners (the Fishers, Wycliffe and the trust
company) sold their interests to the tenant farmer and received their proportionate shares of the sale proceeds.
Through this tax-wise plan, Roger and Joan were thrilled they could accomplish their goals of providing for themselves, their children and the work of God's kingdom. Joan says, "God's Word has made such an impact on our lives giving us direction, hope and joy. We want that same life-changing power for others. Our resources are a gift from God and we are blessed to be able to invest them into Bible translation for speakers of other languages."
If you would like to learn more about charitable gift and estate planning that will allow you to provide for yourself, your loved ones and Bible translation, please contact the Wycliffe Foundation at 877-493-3600 or email [email protected]
The names and images shown here have been changed to respect donor privacy.
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