Gifts of Real Estate

In 1911, the Hollingsworth & Whitney Company, a logging operation which became Scott Paper Company, erected a large brick building in Greenville Junction to serve as the regional YMCA and 10-bed hospital.

Many of the more than 2000 employees of this company needed housing and healthcare while working in the forests of the Moosehead Lake region. The president of Hollingsworth & Whitney was Charles Augustus Dean of Wellesley, Massachusetts, whose vision and commitment brought about the free-standing hospital we know today.

Gifts can consist of almost any type of property: personal or recreational residence, farm or ranch, commercial building, subdivision lots, undeveloped property, or a fractional interest in property. Assets may be given outright and serve as the corpus of a trust arrangement or, in the case of a personal residence, given with the right of lifetime tenancy by donor and/or spouse. The benefits to the donor usually include an immediate partial charitable deduction as well as bypassing capital gains tax. Charles A. Dean Memorial Hospital Foundation must approve gifts of real estate.

Gifts of Life Insurance
Using life insurance to make a major gift is an option for donors who no longer need policies they purchased years ago. You may choose to assign your policies irrevocably to Charles A. Dean Memorial Foundation. In most cases, you would realize an immediate tax deduction in the amount of the policy's current value. The proceeds would not be subject to estate taxes and the premiums would be deductible for income-tax purposes in the years thereafter, in which they are paid. Charles A. Dean Memorial Foundation must approve gifts of life insurance.

Charitable Remainder Unitrusts and Annuity Trusts (CRUTs & CRATs)
Charitable trusts are particularly beneficial if you hold highly appreciated low-yield investments from which you would like to earn a higher return. A tax deduction should be allowed at the time the charitable trust is created. The size of the deduction depends on the donor's age, payment percentage, and other factors. For more information, call Terri Sleeper, our Philanthropy officer, at (207) 973-5058 or 695-5215 or contact your advisors.

Charitable Lead Trusts
You can make a gift of current income by putting property in a simple trust. You would specify the percentage of the total annual value that Charles A. Dean Memorial Hospital Foundation is to receive. At the end of a designated period, the property is returned to you or to the non-charitable beneficiaries you have named. Such trusts may allow immediate tax advantages or may reduce the gift tax when the assets are passed to children or grandchildren at the expiration of the trust.allow immediate tax advantages or may reduce the gift tax when the assets are passed to children or grandchildren at the expiration of the trust.