Consider this scenario: Bill is in his mid-seventies, and has a home valued at $350,000. He plans to leave the home to ministry at his death but could benefit from additional income now.
Is there a way for Bill to continue to live in his home and possibly increase his income? Rather than donating the home to charity through his will, Bill can create a Charitable Life Estate with his favorite ministry. The benefits are:
He will receive a current income tax deduction.
This deduction can be used to reduce his income taxes.
The tax savings from the charitable deduction can be invested to produce additional income for Bill now.
Bill retains the right to remain in his home for as long as wishes.
With a Charitable Life Estate agreement, you can transfer real estate to ministry, maintaining the right to use the property for life. The life estate gives you full use of the property, including the right to live in it or to rent it and receive the rental income. When designed properly, the Charitable Life Estate can be a beneficial estate planning tool.
How This Adds Value to You
We have prepared a booklet that explains the benefits. You can download your copy of our eBook, Give it and Live in it – The Charitable Life Estate. You can download your copy today by clicking the button below. As always, there is no cost or obligation!