Retained Life Estate
The law allows anyone to make a gift of their personal residence or farm to a charitable organization and retain the right to live there for the remainder of your life or for a specified period of time. Your personal residence could be your principle residence or a vacation home that you own. You simply deed your home, vacation home, or farm property to Boys and Girls Homes, while reserving a life(s) interest. You are still responsible for the taxes, maintenance and upkeep of your property while you hold your interest. You will be eligible for a tax deduction as a charitable contribution which you can take all in one year or carry over to future years. The tax deduction is based on the value of the property and the age or ages of the donor. Ultimately, the property will be used to benefit the program of care at Boys and Girls Homes.