Life Estate Reserved

You may desire to leave your home or farm to the Community Foundation at your death, but would like to receive a current charitable tax deduction. A life estate reserved might offer the solution you need. We work with you and your legal and tax advisors to help fulfill your charitable goals while providing maximum tax benefits.

Gifts of real estate or personal property must be approved in advance by the Community Foundation's Board of Governors. Email President Bob Fockler or call him at (901) 722-0045 if you are considering such a gift.

Life Estate Reserved

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Life Estate

Life Use

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How a Life Estate Works

You can deed your home or farm to the Community Foundation but retain the right to use the property for the rest of your life. You will be able to make a gift to the Community Foundation and maintain use of your home or farm.

• The life estate can last for your life or your life and another person's life.
• It is possible for you to make a gift of your property even though there is a mortgage on the residence.
• You will be responsible for the maintenance, insurance, and taxes on the property.

Benefits include:

• Receiving a federal income tax deduction for the present value of the remainder interest in your home or farm, and
• Preserving your lifetime use and use and control the home or farm while you are alive.