Life Estate Gift Annuity
A life estate gift annuity allows you to make a gift of your personal residence or farm, while you continue to occupy and enjoy the property for your lifetime. In addition, this gift vehicle provides you with secure, fixed income for life.
Benefits of a Life Estate Gift Annuity
- Secure fixed income that is partially tax-free for one life or two lives.
- Immediate charitable income tax deduction.
- Avoid or delay capital gains tax.
- Use of personal residence, vacation home or farm for the rest of your life.
- Make a meaningful gift to support the work of Scripps Health. Your gift will help us save lives!
How it Works
- You deed your property to Scripps Health and retain the full right to use the property for the rest of your life (known as a "life estate interest").
- You continue to pay the insurance, property taxes and maintenance on the property.
- You may rent the property (with the consent & agreement of Scripps Health) if you decide to move.
- Based upon your age at the time of the gift and the appraised value of your home, we calculate the current value of the remainder interest and pay you a fixed, secure annuity that will provide you with partially tax-free income for your life.
- All annuity payments are backed by the assets of Scripps Health.
- You receive an immediate charitable income tax deduction at the time of the gift which, if unused during the year of the gift, may be carried forward for five additional years..
- After your death, the property passes to Scripps Health (this is known as a "remainder interest") and Scripps now owns the full interest in the property.
- Scripps Health sells the property and the proceeds are your gift to Scripps Health which are used to save lives and create your legacy.
Please contact a Gift Planning Officer for full details and to see if your residence qualifies for a Life Estate Gift Annuity.
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