Retained Life Estate
You may desire to leave your property (home, farm, or vacation home) to IU Health Foundation at your death, but a current charitable income tax deduction would be helpful now. A retained life estate might offer the solution you need!
Flowchart: You give the remainder interest in a property to IU Health Foundation and retain the right to use and maintain the property for life or a term of years.
Benefits of a retained life estate
- Current Tax Deduction: Receive a federal income tax deduction for the value of the remainder interest in your property.
- Continued Use and Control: Through the retained life estate you continue the use and control of your property. You can preserve the use of the property for you, or you and a loved one, such as a spouse or dependent child.
- Flexibility: If, at some point in the future, you no longer want or need the property, you may be able to use your life estate to create a lump sum cash payment (with a joint sale) or create an income stream (using the life estate to fund a life income gift).
- Establish a lasting legacy in support of a healthier Indiana.
How a retained life estate works
- You deed your property to IU Health Foundation. The deed will include a provision that gives you the right to use your property for the rest of your life and that of any other life estate party named in the deed.
- You and IU Health Foundation sign an agreement outlining that you will maintain the property and pay all insurance and property taxes.
- When the life estate parties have passed away, your property will belong to IU Health Foundation. We will use or sell the property and use the gift as you direct.
Contact us
To learn more about a life estate, please contact us. We would be happy to assist you and answer your questions.
