Life Estate Reserved
You may desire to leave your home or properties to Pacific Clinics at your death but would also like to receive a current charitable income tax deduction. A life estate reserved might offer the solution you need!
Benefits of a life estate reserved
- Receive a federal income tax deduction for the value of the remainder interest in your home or properties
- Preserve your lifetime use and control of your home or properties
- Create a life estate based on more than one life. This will preserve the use of the property for you and a loved one, such as a spouse or dependent child
How a life estate works
- You deed your home or properties to Pacific Clinics. The deed will include a provision that gives you the right to use your home or properties for the rest of your life and that of any other life estate party named in the deed.
- You and Pacific Clinics sign a maintenance, insurance and taxes (MIT) agreement to explain that you will do your best to keep the property in good condition and that you will maintain property insurance and pay the property taxes.
- When the owners of the life estate have passed away, your home or properties will belong to Pacific Clinics. We will use or sell the property to further our charitable work.
Contact us
To learn more about a life estate, please contact us. We would be happy to assist you and answer your questions.