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.

Meet Mark & Paige

Mark and Paige have been supporters of Boys and Girls Homes for many years.  In their estate planning, they have made the decision to leave their home and property to B&GH. Mark is 68 years old and Paige is 62.  After consulting with the Planned Giving staff at B&GH, they have decided to go ahead and make the gift now.  The have a beautiful home in the mountains of NC that is valued at $250,000.  They deed their home to B&GH with a Retained Life Estate plan.  This allows them to stay in their home for the rest of their life.  In addition to being able to stay in their home, they will receive a tax deduction in the amount of $136,845!  Through their generosity they are able to give their home away and still keep it – plus enjoy a tax deduction in the form of a charitable donation without forfeiting the use of the property.

 

Example based on rates in effect as of January 1, 2012
Unchanged as of April 5, 2016