10 Reasons You Need a Valid Will

With a retained life estate, a donor can deed one’s home or farm and continue using it.

They may use the property as they like during their lifetime, living there or renting it out to others. They will be responsible for maintaining the property, paying taxes, insurance premiums and other expenses. When they pass, the nonprofit can sell the property or use it for their purpose.

The donor receives a current income tax charitable deduction for the value of the nonprofit’s remainder interest. The deduction depends on a variety of factors but it will always be less than the fair market value of the property.