Making a Planned Gift is Easier Than You Think. You Can Help Build a Better and Stronger Valley.
It’s your plan… it’s your legacy!
- Leave a gift in your will or trust
- Designate a nonprofit as a beneficiary of a portion of your IRA or other financial accounts
- Give life insurance you no longer need
- Give appreciated stock and save on taxes
- Consider a gift of real estate
- Donate your IRA required minimum distribution directly to a nonprofit and avoid taxes.*
Speak with your trusted professional financial advisor or call (203) 751-9162 to explore which planned-giving option is best for you.
*Must be 70½ years or older.
Retained Life Estate: FAQs
Do I have any option other than having the charity take possession of the house should I want to move out of the property prior to my death?Layer Closed
If you negotiate a provision in the Retained Life Estate contract for the right to lease the property for the remainder of your life estate, you can keep the additional money. You remain responsible for the taxes, insurance, and maintenance expenses spelled out in the agreement with the charity.
Who is responsible for building modifications, additions and custom items like a workshop, extra garage, or swimming pools?Layer Closed
You are. Most likely the RLE contract will contain a provision that requires you to get prior approval from the charity to make such improvements.
Can we move out and then back in?Layer Closed
Yes. The use of the asset is yours. Should you decide to lease for a while and then move back in, this gifting concept allows for that.
Can we use our second home to create a Retained Life Estate?Layer Closed
Yes. As long as the property qualifies under the IRS rules, it can be used to create this type of donation arrangement (i.e., you don't take depreciation or own it in a corporate structure, etc.) Check with your accountant to make sure it qualifies. Motor coaches and yachts qualify as second homes.
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