Life Estate Reserved
A life estate reserved might offer the solution you need!
How a Life Estate Works
You can deed your home or farm to Free Will Baptist but keep the right to use the property for the rest of your life. You will be able to make a current gift to Free Will Baptist and maintain use of your home or farm.
Benefits of a Life Estate Reserved
- 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.
Life Estate Details
- 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 will be responsible for the maintenance, insurance and taxes on the property.