Is this all for REAL?
You have probably read about me banging the drum (and I am a drummer) that too many people give away cash as their preferred asset. In fact, it is one of the smallest slices of the average American's asset pie. Ironic, right? In fact, real estate comprises almost 40% of Americans' asset types (second only to retirement plans, which is only slightly higher). But, strangely, only about 2% of gifts are donated in the form of real estate. Why is that? Well, I have three hypotheses: 1) nonprofits don't advertise such gifts because they are very afraid they will be way too complicated to receive; 2) nonprofits feel that they will have to do all the due diligence and handling themselves; and 3) donors and potential donors are not advised (far enough in advance of deciding how to dispose of such assets) that donating real estate is even an option for them. If donors know what their options are, and nonprofits feel they don't have to vet and process the real estate gifts themselves, I believe there will be an explosion of real estate gifts! It is already changing for the better.
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