Irrevocably giving your mortgage-free home (or vacation house or farm) to North River Church of Christ while continuing to live in it and maintain it is a “Retained Life Estate,” and can benefit you while you are alive because the charitable tax deduction may be taken for up to six years.
How this Works
As the creator of a Retained Life Estate, you irrevocably deed your mortgage-free home to North River Church of Christ and retain the right to live in it for the rest of your life, a term of years, or a combination of the two.
While you retain the right to live on your property, you continue to be responsible for all routine expenses—maintenance fees, insurance, property taxes, repairs, etc. You immediately qualify for a federal income tax deduction, which can be taken over six years (limited to 30 percent of your adjusted gross income). Also, the estate would not be subject to estate taxes.