Life Estate Reserved
If you desire to leave your home or farm to The University of Akron Foundation at your passing but would also like to receive a current charitable income tax deduction, a gift with a reserved life estate might offer the solution you need!
Life Estate Reserved
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Life Estate
Life Use
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Benefits of a life estate reserved
- Receive a federal income tax deduction for the value of the remainder interest in your home or farm
- Preserve your lifetime use and control of your home or farm
- Create a life estate based on more than one life. This will preserve the use of the property for you and a loved one, such as a spouse or dependent child
How a life estate works
- You deed your home or farm to The University of Akron Foundation. The deed will include a provision that gives you the right to use your home or farm for the rest of your life.
- You and The University of Akron Foundation sign a gift agreement to determine the terms of the gift and who is responsible for maintenance, insurance and taxes during the life tenant's life. Life tenants are expected to keep the property in good condition, maintain property insurance and pay the property taxes.
- When the owners of the life estate have passed away, your home or farm will belong to The University of Akron Foundation. We will use or sell the property to further our charitable work.
Contact us
To learn more about a life estate, please contact us. We would be happy to assist you and answer your questions.
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