Life Estate Reserved
You can deed your home or farm to Community of Christ but keep the right to use the property for the rest of your life. You will be able to make a current gift to Community of Christ and maintain use of your home or farm.
Benefits of a Life Estate
You receive a current federal income tax deduction for the present value of the remainder interest in your home or farm. You preserve your lifetime use and are able to use and control the home or farm while you are alive. The life estate can last for your life or your life and another person's life. It is possible for you to make a gift of your property even though there is a mortgage upon the residence. You remain responsible for the maintenance, insurance, and taxes on the property.
Contact us
To learn more about a life estate, please contact us. We would be happy to assist you and answer your questions.