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Retained Life Estates
(Living in a Charitable Deduction)
 


How it works
  1. You transfer your residence, farm, or vacation home to the American Red Cross subject to a life estate.
  2. You continue to live in the property for life or a specified term of years, while continuing to be responsible for all taxes and upkeep.
  3. The property passes to the Red Cross 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 have the satisfaction of making a significant gift now that benefits the Red Cross later.


© 2004-2007 American Red Cross, Greater Cleveland Chapter
3747 Euclid Avenue   Cleveland, Ohio   44115-2596
216.431.3010
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