Giving Today / Gift of a Real Estate with Retained Life Interest

A donor may give Amigos de Vamos Adelante his or her personal residence or farm, yet continue to live there for life. Further, the donor’s spouse may live there for life. The donor receives an immediate tax deduction for the gift, based on the value of Amigos de Vamos Adelante‚Äôs remainder interest.

The property does not have to be the donor’s primary residence — it may be a vacation or second home, as long as the property is used as a personal residence. Further, in the case of a farm, the donor does not have to reside on the property. If at any point you no longer desire to occupy the property, you may rent it to provide you with additional income. Or, you can give Amigos de Vamos Adelante the right to use the property for the rest of your life. This would entitle you to another tax deduction.

 

For more information please contact us.