Life Estate Reserve

 

You may desire to leave your house/property deed to United Way Monterey County upon your death but would also like to receive a current charitable income tax deduction. A life estate reserved might offer the solution you need!

Life Estate Gift

Benefits of a life estate reserved

  • Receive a federal income tax deduction for the value of the remainder interest in your home or property
  • Preserve your lifetime use and control of your home or property
  • 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

  1. Gift a house/property deed to United Way Monterey 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.
  2. You and United Way Monterey 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.
  3. When the owners of the life estate have passed away, your home or farm will belong to United Way Monterey County. We will use or sell the property to further our charitable work.

Contact us

If you have any questions, please contact Lynda Patrick, VP Resource Development; Lynda.Patrick@UnitedWayMCCA.org or 831-372-8026 x112. We would be happy to assist you and answer any questions you might have.