Give Your Home & Continue Living in It
The Gift of Real Estate with Retained Life Estate
By Jennifer Vickerman Akaolisa, CFRE, Gift Planner
If you own real estate, you may be wondering what to do with it at the end of your life. Your family may not need it and might want to avoid the complications of selling it as part of your estate.
Donating real estate through a gift of retained life estate offers you the option of donating your property to a community foundation while supporting the nonprofits you care about most.
What Is a Retained Life Estate?
You can transfer ownership of your residence, vacation or agricultural property today - but retain the legal right to live there, use it and enjoy it for the remainder of your lifetime (and/or the lifetimes of other loved ones). When you pass away, the nonprofit takes possession of the property to use for its mission.
When you create a retained life estate with the Saint Paul & Minnesota Foundation, you can support multiple organizations with one gift. After your passing, we liquidate the property and place the proceeds into a fund to benefit the causes you care about. We make the process simple and handle all details of the future sales process.
Why Consider This Type of Gift?
- At the time of the gift, you may be entitled to a charitable income tax deduction for a portion of the value of the property.
- Capital gain is typically avoided at the time of the gift.
- You maintain use of the property for your lifetime.
- If you ever decide you no longer want to use the property during your lifetime, you can either donate your “life use” of the property with the opportunity for an additional charitable deduction, or we can jointly sell the property with proceeds split between you and your fund.
A retained life estate gift may be worth exploring if you:
- Own a home, vacation property, or farm that has appreciated in value
- Want to create a lasting charitable giving legacy
- Would like a potential for a tax deduction today
- Wish to give while retaining the use of your property for the rest of your life
Get Started Today
If this sounds like a fit for your giving needs, we'd love to have a conversation. Our gift planning team is here to answer your questions. Call 651.224.5463 or email the team at philanthropy@spmcf.org. We can also work with your attorney or other professional advisors to craft a giving plan that’s just right for you.
About the Author
Jennifer Vickerman Akaolisa, Gift Planner, works to advance the Foundation’s mission by collaborating with professional advisors and donors to achieve philanthropic goals to better the lives of people in their communities. Jennifer feels that working at the Foundation, with its focus on inspiring generosity, advocating for equity, and investing to advance community visions, is a fantastic way for her to live out her personal passions in her profession. Her favorite part of her job is connecting with community members who are generous and care about being part of community-led solutions.
She previously worked as a financial advisor and in new business development for Thrivent Financial, as a gift planner for Gustavus Adolphus College, and as the Director of Development & Philanthropy for Friends of the Hennepin County Library. Jennifer holds a bachelor’s degree with majors in Music Performance and Theatre from Gustavus Adolphus College. She has earned a Fundraising Certificate from the University of St. Thomas and the Certified Fundraising Executive accredited designation from CFRE International.
The Saint Paul & Minnesota Foundation does not provide tax, legal or accounting advice. Please consult your own tax, legal and accounting advisors regarding your individual situation before engaging in any transaction.
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