RETAINED LIFE ESTATES
If you like the tax advantages that a charitable gift of real estate would offer but want to continue living in your personal residence for your lifetime, an option for a planned gift may be Retained Life Estate. Through a Retained Life Estate agreement, you may donate your home to the Pennsylvania Trolley Museum and continue living there for the rest of your life or the life of your loved one(s). A gift of your home (including a vacation home or condominium) or farm, with a reservation of the right to use it for life, results in a charitable deduction on your income tax return.
- Use the residence for your life and/or another person’s life.
- Receive income tax savings through a charitable deduction for a portion of your home’s value.
- Reduce estate taxes.
A charitable contribution of real estate –whether it is your personal residence, a vacation home, a farm, commercial real estate or vacant land–may provide numerous tax advantages.
- Receive an income tax charitable deduction.
- Eliminate tax on the property’s appreciation.
- Make a gift to support a great cause and reduce your taxable estate.