Life Estate

Your home can be used to create your legacy, generally without an environmental review, and without it being converted to cash immediately. You not only create a legacy using your home, you also can receive an annuity.

If you own a house or condo, you can transfer the remainder interest to the Foundation and receive a Charitable Gift Annuity. You retain the life estate, continue to live in your residence, and receive income to help pay your bills. You receive an income tax deduction and the income you receive will only be partially taxable.*

If you do not need the income, you may make a gift of to the Foundation of the proceeds and a Fund can be named for you, creating your legacy in perpetuity.
Example: A condo appraised at $250,000 and owned by an 80-year-old man would create a Charitable Gift Annuity of $104,000 and an annual income payment to him of $8,320. Of the annual payment, $5,424.64 would be tax free for 9.4 years and then the entire $8,320 would be taxable.

Contact Donna Albertario for more specific information

* Your house or condo legally has two parts. Ownership while you live is called a “life estate.” When you die, what passes on is called the “remainder interest.”

You can give the remainder interest away while you live and continue to live in the house or condo. Upon your death it will pass to whomever you have given the remainder interest.