Life Estate
You may desire to leave your home or farm to the “University of Georgia Foundation” at your death but would also like to receive a current charitable income tax deduction. A life estate reserved might offer the solution you need!
HOW A LIFE ESTATE WORKS
- You deed your home or farm to the “University of Georgia Foundation.” The deed will include a provision that gives you the right to use your home or farm for the rest of your life and that of any other life estate party named in the deed.
- You and the University of Georgia Foundation will sign an agreement to explain that you will do your best to keep the property in good condition and that you will maintain property insurance and pay the property taxes.
- When the owners of the life estate have passed away, your home or farm will belong to the University of Georgia Foundation. The Foundation will use or sell the property to be used in the manner agreed upon between you and the Foundation.
Benefits of a life estate reserved
- Receive a federal income tax deduction for the value of the remainder interest in your home or farm
- Preserve your lifetime use and control of your home or farm
- Create a life estate based on more than one life. This will preserve the use of the property for you and a loved one, such as a spouse or dependent child
Contact Us
If you are considering a gift of property, whether outright or a retained life estate, please contact us in advance so that we can coordinate with you and your professional advisors to ensure that the gift complies with Foundation policy and that the Foundation is in a position to accept the real estate. The Foundation’s policy on acceptance of gifts of real estate can be viewed by clicking here.
Our team is here to help
If you are interested in learning more about opportunities for supporting the university through a planned gift, reach out today or give us a call at 706-542-8140. We’re always happy to help answer any questions you may have.
Mike Cook
Senior Director, Gift & Estate Planning
mikecook@uga.edu
Patrick Knowles
Associate Director, Gift & Estate Planning
pknowles@uga.edu
Ryan Rasmussen
Assistant Director, Gift & Estate Planning
ryan.r@uga.edu
Zeb Brookshire
Trusts and Estates Coordinator
zbbrooks@uga.edu
Lauren Schlesinger
Marketing and Stewardship Coordinator
lkschlesinger@uga.edu
Carrie Bero
Administrative Associate
cbero@uga.edu
We are here for you
Contact Us Today
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This site is informational and educational in nature. It is not offering professional tax, legal, or accounting advice. For specific advice about the effect of any planning concept on your tax or financial situation or with your estate, please consult a qualified professional advisor.
