Helen Klocko makes real estate gift

Sandy Blitz
With her children grown, Helen Klocko rarely visited her lakefront property. After considering her options, she chose to donate her property outright to the University of Maine Foundation—a gift that brought her tax and financial benefits and fulfilled her desire to make a difference “in some small way” to nontraditional students at the University of Maine through the Thursday Club Scholarship.  Helen recognized that there are adult learners who are excellent students, willing to work hard to create a bright, more secure future for themselves, their families, and their communities. She knew that nontraditional students face substantial difficulties meeting the requirements of their academic programs while at the same time meeting their other family responsibilities and she wanted to help.

Helen found that it was much easier to give her property directly to the Foundation and have the Foundation deal with realtors and all the hassles of selling. She received an income tax deduction for the full fair market value of the property and owed no capital gains tax on the property’s appreciation. The Foundation then sold the real estate and endowed the net proceeds in the Thursday Club Scholarship.  “It just made sense. But my true reward is the knowledge that my real estate donation is helping students who really need assistance. That means so much to me,” says Helen.

An asset you’ve had for generations can be a gift for generations of needy students to come. Gifts of real estate can frequently save you thousands of dollars in income and capital gains taxes, while providing a substantial benefit to the University of Maine Foundation. We accept many types of real estate from residential and commercial properties to undeveloped land.