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Through a Life Estate Reserved, you can give your house or farm to a ministry or church, receive a current tax deduction, but yet still retain the right to live in your home for the rest of your life.
You deed your house or farm to the Foundation, including a provision that gives you the right to use your home for the rest of your life and, if desired, the life of a spouse or dependent child. You sign a maintenance, insurance, and taxes (MIT) agreement stating that you will do your best to keep the property in good condition and that you will maintain property insurance and pay the property taxes. When all owners of the life estate have passed away, the Foundation will sell your home and give the proceeds to the ministry you designated, all without the need to place the burden of selling on your heirs.