Real Estate / Life Estate
You execute a deed transferring your real estate (home, farm, land, etc.) to the Foundation. You also have the option of retaining it as a “life estate” that grants you the exclusive use of the property for life. You receive an income tax charitable deduction for your gift.
Real Estate / Life Estate Video
What's the Need?
- You may desire to leave real estate property to the
- Foundation at death but would like a current tax benefit.
- You have a property that will face significant capital gains tax but do not need (or want) to pass the property to an heir.
- You have a property that is tough to maintain.
- You have a property, such as a vacation home, that you no longer want.
What's the Solution?
- You can make a Gift of Real Estate to the Foundation, removing a large taxable asset from their estate and benefiting by receiving an income tax deduction equal to the appraised fair market value of the property, with no capital gains tax due on the transfer.
- You can deed your property to the Foundation but keep the right to use it for your remaining lifetime.
- Tax Deduction
- You receive a current federal income tax deduction for the present value of the remainder interest in the property.
- Preserves Lifetime Use
- Should you so desire, you may use and control the property for the remainder of your lifetime.
- Gift to the Foundation
- The Foundation receives a Gift of Real Estate which can be sold or kept for its own use.