This type of gift allows you to leave your home or farm to Kent State University upon your death, while also receiving a charitable income tax deduction in the current year.
Why Establish a Life Estate?
- You will receive a federal income tax deduction for the value of the remainder interest on your home or farm
- Retain use and control of your home or farm throughout your lifetime, and for the life of a designated heir if you wish
- Leave a lasting legacy to Kent State University
How a Life Estate Works
- Deed your home or farm to Kent State University, with the deed stipulating that you retain control and use of your home or farm for the remainder of your lifetime and also the lifetime of an heir (if you choose to name an heir).
- You agree to maintain the property, and continue to pay insurance and property taxes during your lifetime.
- When you (and your heir, if named) have passed, your home or farm will belong to Kent State University, and will then use or sell the property to serve the purpose you stipulate in your Life Estate.
Please contact us with any questions about life estates.