Campus Photos by
Joel Zwick
|
|
| Dr. Norm and Mary Dessel - Tax Free Sale |
After Dr. Norm Dessel retired from SDSU as a physics professor, he and his wife Mary built their "dream vacation home" in Julian in the late 80s, high on a mountain with a 330 degree view from the Salton Sea to the ocean. Norm and Mary also like to travel, but they discovered that having a vacation home often means you go only there instead of other places.
They wanted to sell the property but realized they would pay a lot in capital gains tax because the property had appreciated in value. There was no tax exemption available with a vacation home. The Dessels gave a 40 percent undivided interest in the property to SDSU before the sale. When the property sold, that interest was used to create a Charitable Remainder Trust (CRT) that will pay income to the Dessels for 20 years. If anything happens to them during that time, the trust will continue to make payments to their three children. The stream of income received back by the family will be greater than the initial amount put in the trust. Best of all, this was a tax-free sale. The income tax savings from the charitable trust offset the capital gains taxes owed on the outright sale proceeds, which the Dessels kept for themselves.
The Dessels now have extra money to travel, the family will receive the value of the asset back in income, and 20 years from now the Norm and Mary Dessel Endowment will provide support for SDSU music students in perpetuity. The Dessels have been surrounded by music all their lives, and they dubbed this arrangement "music to our ears."
For more information please select one of the following options:
1. If you would like to view a color display showing a gift plan similar to that for Gene and Carol White, please click one of these buttons.
2. If you have property and would like to see a color illustration of a tax-free sale in a special trust, with your property value and your ages, then click here.
3. If you would like to request a printed illustration of a Tax-Free Sale with your payout rate, then click here.
4. You may print a unitrust tri-fold brochure. The Sum of Objectives Realized or The Tax-Free Sale.
|
© Copyright 1999-2010 Crescendo Interactive, Inc.
|
|
