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Life Estate Reserved

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.

Life Estate Reserved
Life Estate
Life Use
Charity image

Benefits of a life estate reserved

  • Preserve your lifetime use of your house or farm
  • Receive a current income tax deduction
  • Provide for loved ones who currently live with you

How a life estate works

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.

Important considerations:

  • Mortgage debt - Life Estate gifts are possible even if there is a mortgage on the residence
  • Maintenance issues - You will still be responsible for the upkeep of the property
  • Flexibility - If you become unable to live independently in your home, the Foundation may be able to help you use your Life Estate to create a lump sum cash payment or a fixed income stream