Mark and Donna lived in the same home for 40 years. When Mark passed away, Donna found it difficult to take care of the house and yard by herself.
Donna learned she could make a gift of her home to the charity and receive income for life.
Donna: I really needed to downsize. I set up a charitable remainder trust naming Oakland Symphony as the beneficiary. The trust sold my house tax-free and invested the proceeds. The trust will provide me with income for the rest of my life, and I received a tax deduction. The income from the trust is more than enough to cover the cost of my new apartment and living expenses.
Is a gift of your home to fund a charitable trust right for you?
Better than a reverse mortgage, a trust is one strategy to "downsize" your home, avoid capital gains tax and provide you with income.
If you have questions about how a trust could help you downsize, please contact us.
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