A retained real estate gift is simply a way of saying that you can make a gift of your house and retain the right to use it during your lifetime.
With this type of gift, you enter into an agreement that transfers ownership of your home to Wounded Nature – Working Veterans. In exchange, we agree to let you continue to live in your home for as long as you choose. While you most likely will want to stay for the rest of your life or for the lives of you and your spouse, other terms are possible.
You continue to be responsible for your home’s upkeep, property taxes, and various other expenses for the duration of the arrangement. After both you and your spouse have passed away, your home becomes the property of National Geographic. Typically we will then sell your home and use the proceeds to support our mission.
In the year that you make your gift, you will be entitled to an income tax deduction for a substantial portion of your home’s value. By making the gift, you may reduce future estate taxes and probate costs.
Should you decide to move out of your home before your retained life estate ends, you can donate your remaining right to live in your home to Wounded Nature – Working Veterans and earn another income tax deduction.
You can use your home as well as other properties for this type of gift. To qualify, your must use the property as your personal residence at least some of the time, or the property must be a farm. Other eligible properties include a second home (such as a vacation home), a condominium or stock in a cooperative housing corporation, a boat or any other structure that you use as a personal residence, or a farm including raw farmland without buildings on it.
To donate a retained asset to Wounded Nature – Working Veterans, you can either email Carolyn Darrow at Carolyn@WoundedNature.org, ph 440-452-1042.
The information on our Web site is not intended as financial or legal advice. Please consult your own qualified advisers as you consider philanthropic gifts.