Leaving a Legacy with Planned Giving - Gwynedd Mercy Academy High School

A Retained Life Estate

Make a significant gift with the most valuable asset you hold without disturbing your living arrangements or your cash flow. Donate your farm, vacation home or personal residence to Gwynedd Mercy Academy High School, receive an immediate tax deduction for a portion of your gift and continue to use your property.

What are the benefits?

• You'll receive a charitable income tax deduction today for a gift that will help Gwynedd Mercy in the future.
• Your estate tax liability may be reduced because the property will be removed from your total estate.
• Your executor's job is simplified, since your property will pass directly to the us upon your death.

How does it work?

• You irrevocably transfer ownership of your residence, farm or vacation home to Gwynedd Mercy.
• You continue to live in the property rent-free for life (or a specified number of years).
• You continue to be responsible for all property taxes, insurance, maintenance and repairs while you are occupying the property.
• Gwynedd Mercy takes possession of the property when your life estate ends and can use the proceeds from the sale of the property for a purpose you specify.

Planning Tips

If you decide to leave your property before the term of the gift is complete, you may:

• Rent the property to someone else
• Sell it (in cooperation with Gwynedd Mercy)
• Receive an additional tax deduction.

A gift of a retained life estate can be made either with the entire property, or by giving Gwynedd Mercy a partial interest in the property. Keep in mind: all gifts of real estate require a qualified appraisal and can take some time to complete—contact Gwynedd Mercy early in your decision-making process.