Have You Considered a Charitable Gift of Real Estate?

Alan & Sheila Lamson at their former income property.

Pasadena Community Foundation can help!

PCF accepts gifts of real estate, which can provide significant tax benefits, fund charitable gift annuities for lifetime income, and, most importantly, create transformative philanthropy.

“PCF was with us through every step of the CGA process. Together with our realtor, Michael Bell, the team at PCF was knowledgeable, thorough, and committed to the best outcome for us.”  – Sheila Lamson

Alan and Sheila Lamson (pictured above) moved to Pasadena in 1968, when Alan accepted a job as a professor at Pasadena City College. Pasadena quickly became their lifelong home, and now one of the many investments they have made in the community – a rental property on Bonnie Avenue – has funded a PCF Charitable Gift Annuity (CGA) to provide the retired couple with income for life.

Alan and Sheila met as students at UCLA, where they shared a love of theater and films. They married and moved to Pasadena, and Alan’s first teaching job became a distinguished 36-year career in the English department at PCC. Shelia spent most of her career in social work with Los Angeles County and retired in 2004, just two months ahead of Alan. While the collegial environment of PCC was the center of Alan and Sheila’s professional and social lives, they were always ready for adventure. They took advantage of Alan’s sabbaticals to travel the world, and spent a year living in Mishima, Japan –Pasadena’s sister city – where Alan taught at the local university.

In 1986, Alan and Sheila embarked on a different adventure when they purchased a four-unit building in Pasadena. They managed the apartment building for 33 years, but in 2019 the Lamsons were ready to give up their landlord responsibilities. Concerned about the tax implications of selling the property at its increased value, they turned to their accountant, who suggested a Charitable Gift Annuity and referred them to PCF.

Given their commitment to philanthropy (Sheila serves on the board of A Noise Within, and Alan is the chair of the scholarship committee for the PCC Retirees Association), the Lamsons felt that a CGA fit their needs. PCF worked with Alan and Sheila to structure the terms of the CGA and coordinate the gift of the property on Bonnie Avenue to the Foundation. Once the gift was completed, PCF listed the property and it sold within two weeks, receiving multiple offers.

The proceeds of the sale funded the Lamson’s CGA and a charitable fund at PCF, which allows Alan and Sheila to make gifts to their favorite nonprofit organizations in the coming years. Along with the tax benefits of this significant charitable gift, the CGA provides a lifetime of guaranteed fixed monthly payments.

“We are glad to be able to continue our charitable giving and maintain the secure monthly income that the rental property provided,” said Alan. “Our generation has done well, and we have an obligation to help those who don’t have the same opportunities today.

PCF works closely with donors to structure the terms of their gifts. We hold all donated real estate as assets of a supporting organization within the Foundation, for the greatest flexibility, due diligence, and stewardship of the gift process. Gifts of real estate can also be directed to donor advised funds, endowment or scholarship funds, and more, according to the donor’s wishes and philanthropic goals.

To find out more about gifts of real estate, and how PCF can help, call us at (626) 796-2097 or send an email to Director of Development Liz Algermissen at ealgermissen@pasadenacf.org.