Gifts of Remainder Interests in Residences or Farms
You can give Campbell a remainder interest in your personal residence, your vacation home, or your farm right now, and receive a large income tax charitable deduction right now for the value of that remainder interest gift…but continue to live in your residence, and use it as you please, for the rest of your life!
Features of this gift plan include:
- Ease – a special deed is all that is required.
- Control – a separate deed of gift for you in which you can specify how the remainder in your personal residence or farm is to be used once it is sold at the end of your life estate.
- Income tax savings – you receive a sizeable income tax charitable deduction NOW, which you can use in the year you make your gift and for five more years until it’s used up.