Leave a Legacy
. . . through the donation of your home.
- Outright gift: Are you moving but don't need the proceeds of the sale to make the move? Consider just donating your home to Homestead when you move. As an outright gift, you can avoid capital gains taxes and take a charitable deduction on the fair market value of the property (up to 30% of your adjusted gross income per year).
- Bequest: A bequest means that the property would be transferred to Homestead upon your death. You retain all ownership rights to the property during your lifetime. This leaves a lasting legacy of stability for families far into the future and decreases the tax burden on the inheritors of your estate.
- Gift with retained life estate: Want to donate your home to Homestead but keep on living there, too? When you make a gift with retained life estate, your property will be transferred to Homestead without going through probate upon your death. This type of gift is eligible for tax deductions calculated at the time the gift is given, based on current interest rates and the donor’s age. A gift with retained life estate may also give you property tax advantages because homes in Homestead’s portfolio are assessed based on the resale formula value rather than the full market value of the property.
Please be sure to speak with your tax advisor when considering a gift of real estate.
. . .by putting Homestead in your will.
You cannot take it with you, so do something awesome with it!
By bequeathing any of your estate to Homestead, you are helping future generations realize their dream of homeownership through expanding the number of affordable homes in our area. By doing this, you are creating a place of stability and joy for many individuals and families over the course of your home’s lifetime.
To learn more, contact Executive Director, Sheldon Cooper at 206.323.1227 ext. 113.