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Your path to this gift:
You're considering a lifetime gift in partnership with USP > Your home is your principal asset, you want to continue to live there, and you can continue to maintain it > You're seeking an income tax deduction, not more income
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You can give us your home as a charitable gift and still continue to live there for the rest of your life.
How? With a retained life estate.
This creative gift plan transfers your house to USP but reserves a free lifetime tenancy to you. You can make a significant gift to us with the most valuable asset you hold, yet not disturb your living arrangements or your cash flow.
You will continue to be responsible for the house's ongoing taxes, structural maintenance and upkeep. Also, we mutually agree upfront about what we will do if you no longer wish to live in the house after you have donated it to us, or if you become physically unable to continue living there. Your gift will provide you with a charitable income tax deduction, based on the fair market value of your house minus the present value of the life tenancy you have retained.
Here are some considerations if you are contemplating a gift to USP of your home.
- First, as with all gifts or real estate, we must review and approve the transfer.
- You will need to secure an independent appraisal of your home to establish its value for the deduction.
- And finally, if there is a mortgage or lien on your home it will complicate the transfer to us and could result in taxable income to you.
Our office can advise you on all these matters.
How Do You Create a Retained Life Estate?
You should consult with an attorney expert in the area of charitable gifts and estate planning. Then
Email us, complete the personal illustration form, or call us at 888-857-6264 so that we can assist you through every step of the process.
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