If you want your property to benefit the Poor Handmaids, but still wish to use it during your lifetime, a retained life estate might be an ideal solution.
By transferring your deed to the Poor Handmaids of Jesus Christ while continuing to use the property and receiving a tax deduction, you can ensure your property produces maximum impact for both your and PHJC’s future.
How It Works:
You deed your home, farm, vacation residence or other property to the Poor Handmaids, with a provision that you can continue to use your property for the rest of your life and the life of your spouse or any other specified individual.
You will still be responsible for maintenance, taxes and insurance and can also receive any rent, agricultural proceeds or other income from the property.
After your and your spouse’s lifetimes, PHJC will take ownership of the property and use or sell it to benefit the ministries according to your wishes.
Benefits:
- You continue to use the property during your lifetime.
- You will receive an immediate charitable income tax deduction.
- You could receive an estate tax charitable deduction.
- If at some point you wish to terminate the life estate prematurely, there are three resulting options: You can contribute the remainder interest and qualify for an additional charitable income tax deduction; transform the property into an income-producing property and receive the income; or share in the proceeds of the property’s sale.
- You support PHJC and our mission!