It All Started With a Condo in Ledyard and the Desire to Give Back
Community Foundation receives first ever gift of real estate.
For some time, Niantic residents Mark and Maura Powers have considered how they might create a fund at the Community Foundation which would allow them to give back locally. And, they wanted to involve their two daughters, Katherine and Maggy, to carry the tradition of giving into the next generation.When they decided that a condo they owned in Ledyard was no longer an investment they needed, Mark and Maura approached the Community Foundation about gifting the property to fund a permanently endowed donor advised fund. Little did they know that in addition to achieving their goal of establishing the Powers Family Fund, they also would serve as pioneers, providing the Foundation with its first gift of real estate!
By donating the condo to a charitable organization like the Community Foundation, the Powers avoided any capital gains tax they would have paid had they sold it, and they will benefit from a charitable income tax deduction based on the fair market value of the property as determined by appraisal. The couple consulted their attorney, Kathleen McNamara of Provatas & McNamara, who along with Matthew Kinell of Waller Smith & Palmer, representing the Community Foundation, were integral advisors in the process.
Once the property passed through the Foundation's review process and was accepted in December 2015, the Foundation immediately listed it for sale. With the expert help of local realtor Marilyn Lusher of Re/MAX, the property quickly sold, with the net proceeds bringing to fruition the Powers' wish to give back.
"We are delighted with how smoothly this process has gone with the help of the Community Foundation and the local attorneys," said Mark Powers. "Our family will get a lot of satisfaction and enjoyment in deciding together how we can make a difference with our grants. If our gift paves the way for others to explore the opportunity to give back to our region through donating real estate, that's terrific, too."
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