A Retained Life Estate
Make a significant gift with the most valuable asset you hold without disturbing your living arrangements or your cash flow. Donate your farm, vacation home or personal residence to Miller-Keystone Blood Center, receive an immediate tax deduction for a portion of your gift and continue to use your property.
What are the benefits?
- You'll receive a charitable income tax deduction today for a gift that will help MKBC in the future.
- Your estate tax liability may be reduced because the property will be removed from your total estate.
- Your executor's job is simplified, since your property will pass directly to the us upon your death.
How does it work?
- You irrevocably transfer ownership of your residence, farm or vacation home to MKBC.
- You continue to live in the property rent-free for life (or a specified number of years).
- You continue to be responsible for all property taxes, insurance, maintenance and repairs while you are occupying the property.
- MKBC takes possession of the property when your life estate ends and can use the proceeds from the sale of the property for a purpose you specify.
Planning Tips
If you decide to leave your property before the term of the gift is complete, you may:
- Rent the property to someone else
- Sell it (in cooperation with MKBC)
- Receive an additional tax deduction.
A gift of a retained life estate can be made either with the entire property, or by giving MKBC a partial interest in the property. Keep in mind: all gifts of real estate require a qualified appraisal and can take some time to complete—contact MKBC early in your decision-making process.