Life Estate Reserved
Charity accepts a gift of property – either a personal residence
or farm – and the donor retains the right to use the property for his or her lifetime.
A person may desire to leave his or her house or farm to charity at death,
but would like a current tax benefit. Donors can deed a house or farm to
charity but keep the right to use the house or farm for their remaining
lifetime.
Tax Deduction
The donor receives a current federal income tax deduction for the
remainder value of the home or farm.
Preserves Lifetime Use
The donor is able to use and control the home or farm while alive.
A donor executes a deed transferring a house or farm to
charity. In the deed, the donor retains a “life estate,” that
grants the donor the right to live in the home for life.
Duration
The life estate typically lasts for the life of the donor.
Deed Restrictions
The deed of the remainder interest to charity must not be
restricted.
Mortgage
It is possible for a donor to make a gift of a remainder
interest even though there is a mortgage upon the residence.
MIT Agreement
The donor agrees to be responsible for the maintenance,
insurance, expenses and taxes on the property.
Since the information on this site is not intended as legal, tax, or investment advice, it is highly recommended that prospective donors consult with their own tax or legal advisors prior to making a planned gift.
If you simply would like a to have a Mayan Families Planning representative contact you about options available, please contact:
Dwight Poage
Mayan Families
2609 Hartford St.
San Diego, CA. 92110-2315
Tel: 619-550-2608
Web: www.mayanfamilies.org
E-mail: dwight@mayanfamilies.org