As the creator of a Retained Life Estate, you irrevocably deed to Presbyterian College your home, your vacation home, or your farm, but you retain the right to live in it for the rest of your life, a term of years, or a combination of the two.
While you retain the right to live on your property, you continue to be responsible for all routine expenses – maintenance, fees, insurance, property taxes, repairs, etc. If you later decide to vacate your property, you may rent all or part of the property to someone else or sell the property in cooperation with Presbyterian College. When your retained life estate ends, Presbyterian College can then use the property or the proceeds from the sale of the property for the purpose you designate.There are several benefits for you:
1. A portion of the gift will qualify for a federal income tax charitable deduction. Note that deductions for gifts of long-term appreciated property will be limited to 30% of your adjusted gross income and gifts non-appreciated property will be limited to 50% of your adjusted gross income. You may, if necessary, take unused deductions of either kind over the next five years, subject to the same 30% or 50% limitation.
2. You will retain the right to live on your property for the rest of your life, a term of years, or a combination of the two.
3. Your estate may enjoy reduced estate taxes.
4. You will provide generous support to Presbyterian College.
*As with any financial decision, you should consult your CPA, attorney, and other financial advisors.
For more information, please contact:
Ann Casey – Director of Advancement Services
Office: 864.833.8007 | firstname.lastname@example.org