Usually on this blog I write about how to protect your real estate; how to keep business property profitable and how to pass personal property on to the next generation.  But every once in a while the market plays tricks on us, and property you thought would be a good investment ends up weighing you down.  What do you do then?  How do you turn unproductive property from a liability into an asset?

During the recent downswing of the real estate market, many people found that holding on to unproductive property was becoming a financial hardship. Although the market seems to be on the rebound, not all property is rebounding as quickly—or as strongly—as we’d like.  And yet many people are reluctant to sell their property at a loss. The good news is that there are ways to get the most out of property that no longer serves your family or your business (although it may not be the ways that you think), these include:

• Giving the property as a charitable donation
• Transferring the property into a charitable “lead” trust
• Keeping the property in a retained life estate.

If you think you might like to look further into leveraging your property—for charitable purposes or otherwise—please contact us for more information. Our office can answer your questions about the tax advantages of making a charitable donation of property; or alternatively of keeping the property, but holding it in a separate protective entity such as an LLP or FLP.

When considering your estate, your real property is likely your greatest asset. Let our firm help you decide how to make the most of your real estate, whether you choose to leverage it now or keep it safe for the future.

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