Retained Life Estate Deed using a Personal Residence or Farm
A retained life estate deed allows you to donate your personal residence or farm to the NISS Foundation while retaining the right to live on and use the property. You may also consider donating a vacation home by this type of gift. When you make the gift, you retain the right to use the property for the rest of your life, a term of years, or a combination of the two. In exchange for your remainder interest gift, you receive an immediate income tax deduction.
The typical donor:
- Wants to make a gift while retaining the right to use his or her property.
- Has income he or she would like to offset with a charitable tax deduction.
- Does not desire to pass personal residence or farm to heirs.
Gifts features and benefits:
- Immediate income tax deduction
- Full use of asset during life
- Meaningful gift to charity
- Reduction of gift and estate taxes
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