The Oklahoma Bar Journal June 2024

Donors either do not have children or do not antici pate their children using or needing the property. 11 Donors move to a retire ment community and no longer need their personal residence during their golden years. Donors own a vacation home they no longer frequent. Donors would like to con vert the real property into an income-producing gift for themselves, with the remainder going to charity. Donors would like to retain

motivations may coalesce to spur the client to donate real property, chief among them the desire to make a difference. The following nonexhaustive list enumerates rea sons frequently cited for making a charitable gift of real property: Donors own property they no longer wish to manage or maintain. They may feel burdened by the stress, expense and time associated with owning the property. Donors plan to retire and

significant periods of time often find themselves facing substantial capital gains tax liabilities at the time of sale. 7 Rather than pay these hefty taxes, many philanthropically ori ented clients prefer to instead make a gift to a charitable organization, itemize their deductions at filing and claim a deduction for charitable contributions. 8 In some cases, the donor may carry the deduction for ward for as many as five years. 9 Statistically, advisors overes timate the importance donors place on tax advantages of chari table contributions in their deci sion-making process, though it is still self-reported as an influential factor. 10 In reality, a wide range of

will no longer need the income from farmland or commercial property for business operations.

the use and enjoyment of the real property in their

Statements or opinions expressed in the Oklahoma Bar Journal are those of the authors and do not necessarily reflect those of the Oklahoma Bar Association, its officers, Board of Governors, Board of Editors or staff.

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THE OKLAHOMA BAR JOURNAL