Life Estate Reserved
You may desire to gift your home or farm to at your death but would also like to receive a current charitable income tax deduction. A life estate reserved might offer the solution you need!
Benefits of a life estate reserved
- Receive a federal income tax deduction for the value of the remainder interest in your home or farm
- Preserve your lifetime use and control of your home or farm
- Create a life estate based on more than one life. This will preserve the use of the property for you and a loved one, such as a spouse or dependent child
How a life estate works
- You deed your home or farm to United Methodist Foundation of Louisiana. The deed will include a provision that gives you the right to use your home or farm for the rest of your life and that of any other life estate party named in the deed.
- The donor has use of the property for life, including renting it out or moving out and letting family have use of the home.
- When the owners of the life estate have passed away, the home or farm will be sold and the charitable wishes of the donor will be carried out.
To learn more about a life estate, please contact us. We would be happy to assist you and answer your questions.
Life Estates Work for Spouses Too - The life estate can last for your life or based on your life and that of another person, such as a spouse or loved one.
Mortgage Debt - It is possible for you to make a gift of your property even though there is a mortgage upon the residence.
Maintenance Issues - You will be responsible for the maintenance, and insurance on the property, just as you were prior to creating the life estate.