Life Estate Gift allows you to make a gift of your home, farm or vacation home
to benefit ministry while retaining the full use and rights to the property
during your lifetime.
In the deed transferring the property to the United Methodist Foundation of West Virginia, Inc., the donor reserves to her- or him-self a “life estate” in the property; this means the donor has the right to live in and/or use the property for life.
This type of planned gift may reduce the donor’s tax liability by avoiding a capital gain and by generating a current charitable deduction. It also removes the property from your estate, thereby reducing or eliminating estate taxes. Upon the donor’s death, all rights in the property are automatically transferred to the United Methodist Foundation of West Virginia, Inc.
Contact The Foundation via email at email@example.com or call 304-342-2113 to consider the possibilities of this type of planned gift.
The Foundation does not give legal or tax advice. Always consult with your own advisors before deciding which gift works best for your circumstances.