Life Estate
You may make a gift of your personal residence and retain the right to live on the property for the remainder of your life. By deeding your home to Central Virginia Food Bank while you are living, you can obtain a sizable income tax deduction in the year of the gift. The amount depends on the value of the property and your age (and the age of any person given life use). In addition, you retain the right to make improvements to your home. You continue to have responsibility for maintenance, insurance and property taxes.
Any personal residence qualifies for this tax deduction, such as a farm, vacation home, or condominium.
Return to Planned Giving Page
For additional information about planned gifts, please contact Tami Messenger at the Central Virginia Food Bank office. All conversations will, of course, be confidential.
Telephone 804-521-3275 • Email: tmessenger@cvfb.org
| The Planned Giving discussion on this website is not intended to be legal or financial advice. Please consult your attorney or financial advisor to determine whether any of these planning ideas are applicable to your own situation. |