Property turns into income

LEARN HOW YOUR PLANNED GIFT CAN HELP THE AMERICAN LEGION

Miranda* lived in the family home where she and her spouse had raised their three children. After her spouse passed away, she found it increasingly difficult to care for her property.

Miranda's grandson came often to visit and help with chores around the house. On one such visit, he helped Miranda "surf" the internet. She enjoyed reading the weekly finance updates and donor stories on her favorite charity's planned giving website. On one such visit, she learned that she could make a gift of her home to the charity and receive income for life.

Miranda: “I called the gift planner and asked her how a charitable remainder unitrust works. She said that when the time came for me to move out of my home, I could give it to my favorite charity and set up a special kind of trust. The trust would provide me with income for the rest of my life, and I would receive a tax deduction for my gift.”

Miranda thought that she might want to move to a condominium with less upkeep. Her financial adviser reviewed the plan and said the income she received from the trust would be enough to cover her living expenses.

Miranda: “After visiting real estate websites with my grandson, I found a condominium nearby that was perfect for me. I called the gift planner and said that I was ready to move out of my home and set up the charitable trust.”

Miranda was thrilled that she could turn her property into income to meet her future needs and receive a charitable deduction for her gift.

Is a gift of your home to fund a charitable trust right for you? Your home has been one of your best assets, but after the kids move out and the house gets harder to care for, you may have other needs. Better than a reverse mortgage, a unitrust is one strategy to "downsize" your home, avoid capital gains tax and provide you with income.

*Please note: The name and image above are representative of a typical donor and may or may not be an actual donor to our organization. Since your unitrust benefits may be different, you may want to click here to view a color example of your benefits.

The American Legion’s Planned Giving program is a way of establishing your legacy of support for the organization while providing for your current financial needs. Learn more about the process, and the variety of charitable programs you can benefit, at legion.org/plannedgiving. Clicking on “Learn more” will bring up an “E-newsletter” button, where you can sign up for regular information from Planned Giving.