Did you realize you can give OETA your residence and continue to enjoy its use for life? It’s true. You can give us your house or apartment and receive a charitable deduction for it, even though you continue living there. This is called a retained life estate.
Give Your Home But Enjoy Life Use
Let’s assume you like the tax advantages that a charitable gift of real estate would offer, but you want to continue living in your personal residence for your lifetime. You’d like to retain the right to rent your house or make improvements. You may also want a survivor (perhaps your spouse) to enjoy life occupancy. But ultimately, you’d like for OETA to be able to sell the property and use the proceeds to support the programs you enjoy.
You can deed your home to us now, subject to all these rights, and still obtain valuable tax savings.
Consider the Tax Implications
A gift of your home, farm, vacation home, or condominium, even with stipulations about occupancy, results in an income tax charitable deduction.
There may also be estate tax savings, as well. When you leave the home to your spouse through your will or some form of joint ownership, it’s generally not subject to federal estate tax. However, if you want anyone else to live in the home after your lifetime, you pay a substantial estate tax to leave the property to them.
The retained life estate provides you with a way to let someone other than your spouse have life occupancy of your home without the associated tax payments.
Personal Satisfaction Added To Tax Benefits
If you are considering leaving your residence to OETA, ask us about a retained life estate. Besides the income and estate tax advantages you would enjoy, you’ll have the personal satisfaction of creating a significant gift to OETA.
To Learn More
Estate plans should be made with your financial advisor. OETA Foundation will be happy to work with you and your professional advisor to discuss the benefits of the plans listed here and how they can work for you. Please contact us anytime.
7403 North Kelley Avenue
Oklahoma City, OK 73111