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Remainder Interest in Residence, Vacation Home or Farm

You may desire to leave your home or farm to UNCG at your death but would also like to receive a current charitable income tax deduction. A life estate reserved might offer the solution you need!

You can receive a huge income tax deduction right now...without parting with any of your property right now.

Life Estate Reserved
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Life Estate
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Benefits of a life estate reserved

  • Receive a federal income tax deduction for the value of the remainder interest in your home or farm
  • Preserve your lifetime use and control of your home or farm
  • Create a life estate based on more than one life. This will preserve the use of the property for you and a loved one, such as a spouse or dependent child

How a Life Estate Works

You can deed your home or farm to UNCG but keep the right to use the property for the rest of your life. You will be able to make a current gift to UNCG and maintain use of your home or farm.

Benefits of a Life Estate Reserved

  1. You can make a gift of your residence, vacation home or farm while retaining a "life estate" - that is complete custody and control of your property for the rest of your life or your life and another person's life.
  2. By conveying just a "remainder interest" to UNCG, you receive a substantial income tax deduction without losing the use of your property.
  3. At the end of your life or lives, your property (or a portion of it, if you so choose) automatically passes to UNCG without probate.

Life Estate Details

  • You will be responsible for the maintenance, insurance and taxes on the property while you reside there.
  • Your estate will still receive an estate tax charitable deduction based on the date-of-death value of the property.
  • Your heirs will not be required to conduct ancillary out-of-state estate administration, simplifying the settlement of your estate.
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