A life estate agreement allows you to give your home to the Bernardine Franciscan Sisters today, but retain the right to live in the home for life. You may also stipulate that your spouse may continue to live there for his/her lifetime. You receive an immediate income tax deduction based upon your age(s) and the useful life of the property, and you remove the home value from your estate.  You must continue to maintain the property, insure it, and pay property taxes.  After your death, the Bernardine Franciscan Sisters become owner of the property and may utilize the property for the sisters purposes or sell the property to generate funds.

Example: Mr. And Mrs. Green (ages 75and 78) make a gift of their personal residence and the surrounding land.  They reserve the right to live on the property the rest of their lives. Before they decide to make the gift, they asked their daughter if she would like to inherit the house. She said no because she and her husband live and work in another state where she will most likely retire. The Greens receive an immediate income tax deduction and have removed the value of their home and land from their estate, although they retain the right to live there.

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