Real Estate – gifts of life estates and farmland and real property

Did you know you can donate your home to St. Maria Goretti Church but continue to live in it as long as you wish? A life estate is a gift plan involving your personal home or residence. Even though you irrevocably donate your home to the parish, you can continue to live in it and enjoy it just as you did before the gift. You can even move out of your home and rent it to someone else.

Farmland or other real property can significantly help with charitable giving plans. Either can be given outright or put into a charitable trust. Some of the benefits are:

• A charitable income tax deduction. • The ability to avoid capital gains taxes • Potentially receiving a higher annual income from the real property

You are entitled to a tax deduction calculated on the basis of your life expectancy. In life estate arrangements,
you continue to be responsible for real estate taxes, insurance, maintenance and upkeep.

Retirement Plans are Great Gifts

Many individuals have retirement plans such as IRAs, Roth IRAs or 401(k) plans. These plans require people to withdraw money once they reach retirement age. They can provide a dependable stream of income for individuals. They also provide a unique opportunity to plan future giving. In many situations retirement plans are the best asset to use for charitable giving because of the generous tax breaks the donor can
receive.

A Gift in your Will

Anyone can remember St. Maria Goretti Church with a gift in their will. It’s a simple and straightforward way to powerfully shape the future of our parish. Leaving a gift in your will is a common and popular way to plan a charitable gift.

Your gift in your will is not set in stone. You can always change your mind if circumstances change. You have complete control of your estate and your gift plans while you are alive, and you retain total access to all your resources should you need them. Your gift occurs only after your death. You can choose to let St. Maria Goretti know of your gift intentions or you can choose to keep them confidential.

Always seek the advice of a professional advisor. The information provided is not meant to be tax or legal advice and is intended for educational purposes only.