You like the tax advantages that a charitable gift of real estate would offer, but you want to continue living in your personal residence for your lifetime. Did you know that you can give the College your home, even though you continue living there? It’s called a retained life estate.
A gift of your home, farm, vacation home, or condominium – even with stipulations about occupancy – results in a charitable deduction on your income tax.
- Lifetime use of the residence for you and/or another person.
- Income tax savings through a charitable deduction.
- Estate tax savings for you and/or your spouse.
- Ability to gift only partial interest in property and receive tax advantages.
The retained life estate may also provide you with a way to let someone other than you or your spouse (perhaps a sibling or child) have life occupancy of your home with reduced tax obligations.