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Life Estate with a Church and Donor

Life Estate with a Church and Donor
Maude had lived her whole life in a small home right across the street from First Methodist Church. This was great on Sundays as she just walked across the street to attend church.

She had recently read an article in the Heartspring Methodist Foundation Newsletter about a Life Estate. This idea sounded wonderful, so she called the Foundation and made an appointment to see a representative. She had planned to leave her home to her church all along. She knew they could use it for additional educational space or parking. It was explained to her that she could give her home to the church now and the church would allow her to live in it the rest of her life. After her life the church would take possession of it. In this IRS approved plan she gets a charitable tax deduction for the value of the gift. The Foundation uses special software by Crescendo that works out all the calculations. After consulting with Heartspring she and her church reached an agreement and her attorney executed a deed of gift and a life estate contract. She said, "I am so happy. I get to continue to enjoy my home but the church can make great use of it after I'm gone. I am so glad I read that newsletter."

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