You may desire to leave your home or farm to The Bishop's School at your death, but would like to receive a current charitable tax deduction.
A life estate reserved might offer the solution you need!
How a Life Estate Works
You can deed your home or farm to The Bishop's School but keep the right to use the property for the rest of your life. You will be able to make a current gift to The Bishop's School and maintain use of your home or farm.
Benefits of a Life Estate Reserved
You receive a current federal income tax deduction for the present value of the remainder interest in your home or farm.
You preserve your lifetime use and are able to use and control the home or farm while you are alive.
Life Estate Details
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 upon the residence.
You will be responsible for the maintenance, insurance and taxes on the property.
Founded in 1909 and affiliated with the Episcopal church, The Bishop’s School is an independent coeducational college preparatory day school for students in grades six through twelve who live throughout San Diego County.