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One of your valued possessions, your home, can become a valued gift to us even while living in it, and even if you want your spouse or other survivor to live there for life. This arrangement is called a retained life estate. By deeding your home to St. Andrew’s Resources for Seniors, you can obtain valuable tax savings. The amount of the deduction will be based on your age and the age of others who are on the deed of trust. If you own property that is fully paid off and has appreciated in value, an outright gift may be the simplest solution. You can deduct the fair market value of your gift, avoid all capital gains taxes and remove that asset from your taxable estate. You can transfer the deed of your home or farm to us now and keep the right to use the property for your lifetime and that of your spouse. The simplest way to give. However, you can deduct a cash gift for income tax purposes only in the year in which you contribute it. Your cash gifts are deductible up to 50 percent of your adjusted gross income for the taxable year, but any excess is deductible over the next five years. Any of the planned giving ideas discussed can become an enduring tribute to a family member or other loved one. Our Fund Development Office will be glad to assist you in choosing an appropriate commemoration for your gift in memory of someone special, or in honor of an event such as a birthday, anniversary, or graduation.
For more information, please contact Kristen Canter, You Can Make a Difference in the Lives of Older Adults |
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Andrew's Resources for Seniors Charitable Fund Home | About St. Andrew's | Communities | At-Home Services | Management Services | Eldercare & Caregiver Resource Center | Charitable Fund |
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Retained Life Estate