Sale and Unitrust
A sale and unitrust allows you to sell your appreciated assets, receive cash, and potentially gain tax benefits by making a gift to support Oceana.
Benefits of a Sale and Unitrust:
- Receive cash from the sale, which you can use to purchase another residence, save for retirement, travel, cover daily expenses, or achieve other financial goals.
- Enjoy lifetime income from the unitrust, helping to secure your future retirement.
- Obtain an income tax deduction that may lower your tax liability this year.
- Support Oceana with your generous gift.
How a Sale and Unitrust Works
- You set up a charitable remainder unitrust and transfer a portion of your assets to the trust.
- The trustee sells the assets, providing you with cash from the sale, while the remaining proceeds are directed to the charitable unitrust.
- The trust will provide you with income for the rest of your life.
- You receive a charitable deduction this year to offset the taxes on the cash proceeds you receive from the sale.
When transferring a portion of your primary residence to fund a unitrust, you may use your one-time home exclusion to reduce or eliminate the capital gains tax that would typically apply to the sale. However, you cannot continue living in the residence if you choose this gift structure. Your tax advisor can help you determine if this strategy is right for you.
Contact us
If you have any questions about a sale and unitrust, please contact us. We would be happy to assist you and answer your questions. [email protected]