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Home is Where the Heart Is
Charitable Life Estate Contract
Her children were married, successfully employed and living out of state. What would eventually become of her home?
Lorraine looked outside her frosted kitchen window at the trees that lost all of their leaves. Snow remained from the last winter storm that passed through. Like so many times in the years since her husband Stan died, she thought about all of the memories stored in their home. Her children were married, successfully employed and living out of state. What would eventually become of her home?
Stan had been a good provider and a savvy investor. Lorraine had worked, too. Lorraine was comfortable enough that she could take care of herself for life and eventually leave something not only for her family but also for charity.
She and her financial advisor sat down to discuss some "what if" and "how about" scenarios. Lorraine remembered reading about gift planning in a brochure she picked up at church. Her advisor told her that she definitely could gift a remainder interest in her house, continue to live there for life and then afterward the charity could sell the house and use the proceeds to further its mission. Lorraine would get a significant charitable deduction based on the present value of the remainder interest in her home.
Signing the charitable life estate contract with Episcopal Relief & Development brought a sense of peace to Lorraine. Although the memories in her home are priceless, she could think of no better way to honor their cherished family home than by allowing its monetary value to offer hope for struggling families.
If you would like to learn how a gift of a life estate reserved for your home can benefit you now and in the future, please contact us.
