Jim had a hunch he might have a tax problem when he went to visit his long time accountant, Peter Hidas at Martin Werbelow. Together, they came up with a solution that provided a tax credit and allowed Jim to make a significant charitable gift. Jim owned two income producing properties in Texas which he was thinking about selling. Gifting the properties to the Pasadena Community Foundation enabled Jim to get the maximum tax benefits from his Texas real estate. He was entitled to a deduction of the full market value of the real estate in the year he gifted the properties. He also avoided capital gains tax that he would pay if he were to have sold the appreciated property. Eventually the properties were sold by the Foundation and and the net proceeds were deposited into the Dillavou Family Fund. By working with PCF, Jim has the luxury of taking his time to recommend gifts to charities from the fund.

Paying tribute through charitable gifts.
When his mother-in-law died, Jim and his wife Kitty used the fund to make memorial gifts to some of the local non-profits which Polly McCaslin had supported during her life. “I will continue to make gifts form the fund over the next few years. I will also likely make additional contributions through the Foundation. It’s simple. It works.”