Planned Giving: Retained Life Estate

You can turn property values into community good while receiving financial and tax benefits by making a charitable gift of real estate through the Foundation. A retained life estate allows you to continue to live in and fully enjoy your home (or vacation property) as long as you like, while giving future ownership to the Foundation.

The gift of the "remainder interest" is a charitable contribution in the year in which the gift arrangement is made, which may result in a substantial charitable income tax deduction. When the life tenancy terminates, the Foundation becomes the property's owner. The proceeds of the property's sale can be transferred to a charitable fund established at the Foundation to support your charitable interests.

Highlights

The personal residence may be a farm or vacation home as well as a principal residence.

You avoid capital gains taxes on the appreciation provided there is no mortgage on the property.

You may claim a charitable income tax deduction in the year of the gift, with carryover privileges for up to five additional years.

The property is removed from your estate, which will realize estate tax savings. The gift will also avoid probate and estate administration expenses.

Other Planned Giving Options

Bequest | Charitable Remainder Trust | Charitable Lead Trust | Life Insurance | Retirement Plan

Get Started Today

To learn more about the Community Foundation of NC East and its impact to our region and local communities, or to get started on your planned giving, simply contact us at 252-756-8549 to speak with our Chief Executive Officer, Melissa Spain.