Life Estate Gift

A life estate gift is also called a gift of a remainder interest in a residence, vacation home, or farm to a charity while the donor is living, and the donor retains the right to use the property for life. The donor receives a current income tax deduction for the gift that can be used to reduce one's current taxable income. [Example]

Highlights

  • Retain the use of your residence or vacation home.
  • Receive an income tax deduction.
  • Reduce the size of your estate.
  • Provide a legacy to George Fox University.

A life estate involving your home may be combined with a charitable gift annuity to provide current income tax savings while enabling you to continue living in your home and also provide additional income through the gift annuity. The amount of the annual annuity payments is based on the remainder value calculated under the life estate agreement. Because the gift annuity provides income to you, the tax deduction available to you is lower than if you only established the life estate agreement. Minimum age for participation in the life estate/gift annuity program is 75. [Example]

For more information about life estate agreements involving your residence or vacation home, please contact Dave Adrian by e-mail at dadrian@georgefox.edu or phone at 503-554-2113. Financial and tax deduction calculations, customized gift plan proposals and counsel are available at no charge or obligation.

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