The Retained Life Estate
One of your valued possessions, your home, can become a valued gift to Legal Services of North Florida even while you are still living in it, and even if you want your spouse or other person to live there for life. This arrangement is called a retained life estate.

You Retain Rights, Responsibilities and Tax Savings
By deeding your home to us now and retaining a lifetime right to live there, you can obtain a sizable income tax deduction this year. The amount depends on the value of the property and your age (and the age of any other person given life use). In addition, you retain the right to rent your home or make improvements to it. You continue to have responsibility for maintenance, insurance and property taxes.

Example: Ellen, age 65, a widow, deeds her home to us, though she plans to live there for the rest of her life. The market value of the property is $200,000 (the house, $160,000, and the land, $40,000). Using the required IRS table to discount the gift based on Ellen's life expectancy and future depreciation of the house, her accountant determines her income tax deduction to be in excess of $55,000.

Any personal residence qualifies for this tax deduction-a farm (with or without the house), vacation home, condominium, even stock in a cooperative housing corporation.

Your gift to us must be an irrevocable remainder interest. In other words, after your life use and that of any survivor, LSNF receives the property outright.

Personal Satisfaction, Too
A gift of your home is a tangible and enduring testimonial of your interest in our goals. And your satisfaction in giving complements your important tax savings.