Retained Life Estates
Another attractive gift plan for real estate is the retained life estate: you give one of the tax-exempt organizations* your home, and then continue to live there for the rest of your life. We will own the house, but you will continue to be responsible for its ongoing taxes, structural maintenance, and upkeep. And, we mutually agree upfront about what we will do if you no longer wish to live in the house, or become physically unable to continue living there.
You will receive a charitable deduction based on the fair market value of your home minus the present value of the life tenancy you have retained.
With a retained life estate, you make a significant gift to one of the tax-exempt organizations* with the most valuable asset you hold, without disturbing your income or your living arrangements.
*BJU does not qualify as a 501(c)(3) tax-exempt organization, and gifts to it may not be deducted for federal income, gift, or estate tax purposes. The BJU M&G, MSF, HAF, DNSF, S&E Endowment Fund and GFA are all 501(c)(3) tax-exempt organizations, and gifts to these organizations may be deducted for federal income, gift, or estate tax purposes.
Planned Giving content © 2006 VirtualGiving
