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Retained Life Estate

How it works

You transfer your residence, farm, or vacation home to Mercy Foundation North subject to a life estate.

You can live in the property for life or a specified term of years, while continuing to be responsible for all taxes and upkeep.

The property passes to Mercy Foundation North when your life estate ends.

Benefits

  • You receive gift credit and an immediate income-tax deduction for a portion of the appraised value of your property.
  • You can terminate your life estate at any time and take an additional income-tax deduction.
  • You can make a significant gift now that benefits Mercy Foundation North later.

Consider a retained life estate if you:

  • Want to use your residence to make a gift to Mercy Foundation North, but don't want to move out
  • Are willing to deed your home, cabin, or farm to Mercy Foundation North if you can continue to live there rent-free
  • Can continue to maintain your home
  • Have no mortgage or other obligations on your home

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