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Retained Life Estates
(Living in a Charitable Deduction)
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How it works
- You transfer your residence, farm, or vacation home to the American Red Cross subject to a life estate.
- You continue to live in the property for life or a specified term of years, while continuing to be responsible for all taxes and upkeep.
- The property passes to the Red Cross when your life estate ends.
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Benefits
- You receive gift credit and an immediate income tax deduction for a portion of the appraised value of your property.
- You can terminate your life estate at any time and take an additional income tax deduction.
- You can have the satisfaction of making a significant gift now that benefits the Red Cross later.
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