Miranda lived in the family home where she and her husband had raised their three children. After her husband passed away, Miranda found it increasingly difficult to care for her property.
Miranda's grandson came often to visit and help with chores around the house. On one such visit, he helped Miranda surf the Internet. She enjoyed reading the weekly finance updates and donor stories on her favorite charity's website. On one such visit, Miranda learned she could make a gift of her home to the charity and receive income for life.
Miranda: I called the organization's gift planner and asked her how this Charitable Remainder Trust works. She said that when the time came for me to move out of my home, I could give it to the charity and set up a special kind of trust. The trust would provide me with income for the rest of my life, and I would receive a tax deduction for my gift.
Miranda thought she might want to move to a condominium with less upkeep. Her financial advisor reviewed the plan and said the income Miranda would receive from the Charitable Remainder Trust would be enough to cover her living expenses.
Miranda: After visiting real estate websites with my grandson, I found a condominium nearby that was perfect for me. I called the charity's gift planner and said I was ready to move out of my home and set up the charitable trust.
Miranda was thrilled she could turn her property into income to meet her future needs and receive a charitable tax deduction for her gift.
Please note: The story, names and image above represent an example of the benefits of this type of estate-planning tool. They do not represent actual donors to GFA.
You may want to click here to calculate your benefits based on your particular situation and wishes.
GFA's charitable unitrusts are administered by WaterStone and can be funded with cash, securities or real estate with a minimum value of $100,000. Income payments from a charitable unitrust may be received quarterly or annually.