From Property to Purpose: Turning Real Estate into Lasting Support

Couple’s Charitable Remainder Trust and Donor Designated Fund Provide Ongoing Funding for Their Spiritual Home

Some people in life follow unconventional paths to fulfillment – and to charitable giving.

For Portland couple Terrance Hohner and Jane Harrison Hohner, that path led them to the Vedanta Society, a spiritual community that has been central to their lives for decades. Here, they found solace, purpose and a deep sense of belonging through a philosophy that emphasizes individual spirituality and community service.

By 2015, having retired and looking to divest a commercial property that had housed Terrance’s optometry practice, the Hohners found an innovative way to give back to the Vedanta Society. Encouraged by their estate planning attorney, Jeana McGlasson of Dunn Carney Allen Higgins & Tongue LLP, they decided to donate the property rather than sell it themselves. Jeana suggested they work with Oregon Community Foundation (OCF) to set up charitable giving vehicles.

Intrigued by the possibilities, the couple consulted OCF and learned about the benefits of charitable funds and charitable remainder trusts. The tax advantages were appealing, but more importantly, they saw a way to support their beloved Vedanta Society in perpetuity. By transferring the property to OCF, they avoided the hassle of a real estate sale, with OCF converting the proceeds into two charitable giving vehicles. They split the proceeds evenly between a Donor Designated Fund, which provides annual support to the Vedanta Society, and a charitable remainder unitrust (CRUT) that provides quarterly income payments to the couple for life. Upon their passing, the remainder of their CRUT will fold into the Donor Designated Fund, ensuring ongoing support for the Vedanta Society.

“We decided to create a predictable amount that the Vedanta Society could budget for,” Jane explains. “This way they have a predictable amount once a year they can either parcel out over 12 months or set it aside for large capital expenditures.”

Terrance adds, “If someone has an asset that is a tax liability, you can turn it into an asset. We’re getting paid for making a donation, in a sense. And we can do good in all kinds of ways.”

For the Hohners, the partnership with OCF offered more than financial benefits. It provided peace of mind. “It’s a lot of work to administer a trust,” Jane says. “By working with OCF, we’ve saved ourselves a lot of effort. We self-manage all of our equities and bonds, and it’s a lot of work. But with this, it’s completely flawless.”

Terrance agrees, noting, “For anyone who has real estate and doesn’t want to deal with it, they can hand it over to OCF and watch professionals handle it in a way that gets a better return and relieves all of the headaches. OCF has made it extremely simple and understandable for people who don’t do this every day for a living.”

Through their generosity and thoughtful planning, Terrance and Jane Harrison Hohner have ensured that the Vedanta Society will continue to be a place of solace, community and service for generations to come.

And they’re happy with their decision to work with OCF. “It’s a real service,” Jane says. “Plus, you’re doing good.”

Setting up a charitable remainder trust is just one way OCF can help you give with intention. With OCF you can create a variety of charitable funds that provide flexible, efficient and tax-effective ways to ensure your charitable giving achieves the greatest possible impact, right now and into the future.

To explore how OCF can assist you, and to learn about other giving options, reach out to an OCF philanthropic advisor who can guide you every step of the way.