USING YOUR HOME AS A GIFT  

Give Property While Continuing To Enjoy its Use

The most valuable single asset many people own is their home. Have you ever considered using it to fulfill your giving desires? Did you know there’s a way to give your house but still live there as always?

Using what is known as a life estate arrangement, you make a gift of your home or farm now but retain the security of knowing you may live there as long as you wish. You also retain all the rights and responsibilities of ownership.

You receive a charitable income tax deduction for part of the value of the home or farm immediately.  You continue to take care of the property, pay the taxes, and even receive any income the property generates. But because you have made a gift of the property by deed, it does not pass through your probate estate at death, possibly saving unnecessary expenses and avoiding delays. The property will also not be part of your estate for federal tax purposes, resulting in what may be significant tax savings for your heirs.