Life Estates in Residences and Farms
A unique gift opportunity is available for personal residences, vacation homes, and farms. You can give the property to the Saratoga Bridges while retaining the exclusive right to use the property during your lifetime. You would receive a current income tax charitable deduction based on the present value of Saratoga Bridges’ future interest in the property. Any gift of Real Estate to Saratoga Bridges can only be accepted with the approval of the Board of Directors.
To receive a copy of Saratoga Bridges’ Gift Acceptance Policy, please contact Kelly Armer, Development and Foundation Director, at 18-587-0723 ext. 1266 or email@example.com.
Life Estates in Residences and Farms Example
Miss Norbert, has lived in her present home for 30 years and has no plans to move. Her home is appraised for $250,000. In order to realize current income tax savings she gives her home to Saratoga Bridges while retaining the right to live in the home for life. The value of Saratoga Bridges’ remainder interest in the property is $147,884. Since Miss Norbert’s tax bracket is 30% this will provide her with a total tax savings of $44,365 (30% of $147,884). Her income tax will be reduced by this amount over the period that she reports the deduction.
Any gift of real estate to Saratoga Bridges can only be accepted with the approval of the Board of Directors. To receive a copy of Saratoga Bridges’ Gift Acceptance Policy please call Heather Varney at 518-587-0723.