Miranda lived in the family home where she and her spouse had raised their three children. After her spouse passed away, Miranda 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 set up online accounts. She enjoyed reading the weekly finance updates and catching up on news about Florida Southern College, her late spouse's alma mater. On one such visit, Miranda read a story and learned that she could make a gift of her home to FSC and receive income for life.
"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 FSC 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.
I thought moving to a condominium would be less upkeep, so I reviewed the plan with my financial advisor and they told me that the income received from the charitable remainder trust would be enough to cover my living expenses.
After visiting real estate websites with my grandson, I found a condominium nearby that is 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.
I am so happy that I could turn my property into income and receive a charitable deduction for my gift." -Miranda
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.
If you have questions about how a unitrust could help you downsize, please give us a call. We would be happy to answer questions that you might have.
*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