REAL ESTATE WITH LIFETIME USEREAL ESTATE WITH LIFETIME USE

You can make a gift of property while retaining use and enjoyment of it as long as you live.
  • By deeding the property to the Foundation, you receive an immediate charitable deduction for a portion of the appraised fair market value.
  • You can use or rent the property until your death. Then the Foundation takes possession and sells the property.
  • If your plans change, you can later convey the life interest to the Foundation for an additional charitable deduction, or you and the Foundation can jointly sell and share the proceeds.

One Donor's Story

The Donors

Retired farmers in Kansas, ages 83 and 75, owned farmland and had no children.

Their Gift

  • They wanted to continue to live on the land during their lives and had no need for increased income.
  • The farm title was deeded to the Foundation with the donors reserving life estates.
  • They will continue to use and rent out the land for their lifetimes.
  • The property was appraised at $121,600, creating a charitable deduction of $55,000.

After their deaths, the Foundation will sell the land. Net sale proceeds will go into a fund to benefit a local senior care center and a Lutheran college.