You may desire to leave your home or another parcel of real estate to Wake Forest University at your death, but would like to receive a current charitable tax deduction.
A life estate reserved might offer the solution you need!
How a Life Estate Works
You can deed your home or other real property but keep the right to use the property for the rest of your life. You will be able to make a gift to Wake Forest and maintain use of your property.
Benefits of a Life Estate
- You receive an income tax deduction for the present value of the remainder interest in your home or real estate.
- You preserve your lifetime use and are able to use and control the home or other property 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.
- You will receive gift credit for 100% of the present value of the remainder interest in your real property.
Please visit Benefits Of Letting Us Know About Your Commitment and Frequently Asked Questions to learn more about including Wake Forest in your plans for the future or feel free to contact us.