Development Office

The Foundation of the Roman Catholic Diocese of Buffalo

LIFE ESTATE ARRANGEMENTS

GIVE YOUR HOME BUT CONTINUE TO LIVE THERE.

If you would like to leave your home or other property to an endowment, but want to continue to use that property for as long as you live, a life estate arrangement may be ideal.

With this type of planned-giving, you deed your home, farm, or other real estate to an endowment of your choice. You continue to maintain the property, pay taxes, and receive any income the property generates as long as you choose to live there.

Because you’ve deeded the property to the endowment, it will not pass through your estate saving your survivors unnecessary expense and delay. You’ll probably be able to reduce your estate tax liability and take immediate income-tax deduction.

EXAMPLE

An elderly woman lives in the family home left to her by her parents. She has no children or living siblings and wants to help her parish in its work. She gives her home to a specific endowment of the Foundation of the Roman Catholic Diocese of Buffalo but retains the right to stay in the house for the remainder of her life. In addition to having made a meaningful contribution to her parish, she will receive income-tax benefits that will help her make the most of her retirement years.