REAL PROPERTY

Mi casa es su casa.  Give property while continuing to enjoy its use.

The single most valuable asset many persons own is their home.  It is also a way to make a significant charitable contribution during your life or upon your death.  For many donors, leaving your home to charity avoids the troublesome transfer of the asset to the children or family you leave behind.

You can leave your home to the Foundation for the Diocese of El Paso directly through your will, or you can use a life estate arrangement to make a gift of your home or other property now while retaining the security of knowing you may live there as long as you wish. You enjoy the full rights and responsibilities of ownership.  Because you will make a gift of the property at your death, you receive a charitable income tax deduction for part of the value of the property immediately.

In a life estate arrangement, you continue to maintain the property, pay the taxes and even receive any income it generates.  But because you have provided for the future disposition of the property during your lifetime, it does not pass through your probate estate at death, possibly saving unnecessary expenses and avoiding delays.  The property may also not be part of your estate for federal tax purposes, resulting in what may be significant tax savings for your heirs.

Example:

Juan, 77, lives in the family home that he and his late wife purchased many years ago. He has no children but has two sisters who live out-of-state. Juan plans to leave the majority of his estate to his sisters and their children, but he would like to make a substantial charitable gift in memory of his wife.

After reviewing all of his assets, Juan decides to make a gift of the home now, retaining the right to live there for the rest of his life. He has been advised that he has plenty of other assets should he one day need costly long-term care.

In so doing, he gains the satisfaction of knowing he has made a meaningful gift while also enjoying an immediate income tax deduction equal to more than half the value of the home, as well as the knowledge that he has removed the home from his estate for tax purposes.

For more information or to discuss the transfer of your home, contact the Foundation for the Diocese of El Paso at 872-8412.  Ask to speak with the Catholic Legacy Fund staff representative to set up an appointment.

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