Gift of Personal Residence or Farm with Retained Life Estate
How It Works
- Transfer title to personal residence or farm to IC
- No change in your lifestyle—you (and spouse) occupy and enjoy residence or farm for life
- IC keeps or sells property after your death(s)
Benefits
- No out-of-pocket cost for substantial gift to IC
- Federal income-tax deduction for remainder value of your residence or farm
- You (and spouse) can occupy residence for life
More Information
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Pamela Sheradin |
Ithaca College |
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