Gift of Remainder Interest in Home or Farm with Retained Life Estate

A Home for Today, Hope for Tomorrow: Jack and Chloe's Gift of Hope

Jack, a retired carpenter, and Chloe, a former teacher, spent decades building a life on their picturesque farm. As they approached their later years, they wanted to ensure they would leave a gift to The Salvation Army that would benefit their community long after they were gone.

Chloe suggested gifting a remainder of their interest in their farm to The Salvation Army while retaining a life estate, allowing them to live there for the rest of their lives, and Jack agreed.

Their estate planning attorney, Emily, explained that this irrevocable gift would let them use their property for life, potentially receive a partial income tax deduction, and avoid captial gains tax. It would also reduce estate taxes, ensuring more of their estate would support their chosen cause. Moved by the idea, Jack and Chloe formalized their commitment.

In the following years, they found comfort in their decision, continuing to enjoy their farm while building a legacy. One autumn morning, while sipping coffee on their porch and admiring the farm's fall beauty, Jack reflected, "It's fulfilling to know that our cherished farm will benefit others after we are gone."

Note: This story's details represent typical donors and may not reflect an actual donor to our organization.