HOW TO GIVE
Life Estate Reserved
Would you like to receive a charitable income tax deduction by deeding your home to us, while keeping the right to use the property for the rest of your life?
A life estate reserved might offer the solution you need.
The Life Estate Reserved
You can deed your home or farm to Boys & Girls Clubs of Kootenai County but keep the right to use the property for the rest of your life. You will be able to make a current gift to Boys & Girls Clubs of Kootenai County and maintain use of your home or farm.
Benefits of a Life Estate Reserved
Receive a federal income tax deduction for the value of the remainder interest in your home or farm.
Preserve your lifetime use and control of your home or farm.
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 farm to Boys & Girls Clubs of Kootenai County. The deed will include a provision that gives you the right to use your home or farm for the rest of your life and that of any other life estate party named in the deed.
You and Boys & Girls Clubs of Kootenai County 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 farm will belong to Boys & Girls Clubs of Kootenai County. We will use or sell the property to further our charitable work.
If you have any questions about a life estate reserved, please contact us. We would be happy to assist you and answer any questions you might have.