Your home has anchored your family's life for many years. It has been a haven, making you feel secure. It has been the scene of many happy times with family and friends, and now it is more than you need.
Often people embark on a new lifestyle, and their grown children are not interested in taking over the family homestead. Sometimes a move to a different climate or a retirement community is pending. But you can still derive further benefit from your home.
Turn Your Home Into a Charitable Gift That Also Benefits You
You can use your home to create income, save taxes, reduce probate costs for your estate and serve a charitable purpose.
Give your unoccupied home to a charitable remainder unitrust with net income with make-up provisions. This trust makes lifetime payments to you after which time it distributes the remaining assets to a charity to support its mission. If you name Jewish Community Foundation of Los Angeles as the recipient of the remainder interest, you will:
- make a significant gift which we can access after your lifetime;
- avoid up-front capital gains tax on the increase in the property's value since you bought it;
- receive an immediate income tax deduction for the value of the remainder interest;
- receive an income from the trust for the rest of your life;
- reduce probate costs by eliminating the property from your probate estate;
- relieve yourself of selling the property or maintaining it and paying property taxes.
This special type of unitrust can be invested to produce income later in retirement or now, if you want payments to begin soon.
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