Life Estate Reserved
You may desire to leave your home or farm to Boys & Girls Clubs at your death, but would like to receive a current charitable tax deduction.
A life estate reserved might offer the solution you need!
How a Life Estate Works
You can deed your home or farm to Boys & Girls Clubs but keep the right to use the property for the rest of your life. You will be able to make a current gift to Boys & Girls Clubs and maintain use of your home or farm.
Benefits of a Life Estate Reserved
- You receive a current federal income tax deduction for the present value of the remainder interest in your home or farm.
- You preserve your lifetime use and are able to use and control the home or farm while you are alive.
Life Estate Details
- The life estate can last for your life or your life and another person's life.
- It is possible for you to make a gift of your property even though there is a mortgage upon the residence.
- You will be responsible for the maintenance, insurance and taxes on the property.