Retained Life Estate Deed Using A Personal Residence Or Farm

If you have named The Church of Jesus Christ of Latter-day Saints or one of its institutions as a beneficiary in your will, trust, or other legal instrument please register it by clicking here.

A retained life estate deed allows you to donate your personal residence or farm to the Church or one of its institutions while retaining the right to live on and use the property. You may also consider donating a vacation home by this type of gift. When you make the gift, you retain the right to use the property for the rest of your life, a term of years, or a combination of the two. In exchange for your remainder interest gift, you receive an immediate income tax deduction.

The typical donor:

  • Wants to make a gift while retaining the right to use his or her property.
  • Has income he or she would like to offset with a charitable tax deduction.
  • Does not desire to pass personal residence or farm to heirs.

Gift features and benefits:

  • Immediate income tax deduction
  • Full use of asset during life
  • Meaningful gift to charity
  • Reduction of gift and estate taxes

How Do I Make a Gift Using a Retained Life Estate Deed with a Personal Residence or Farm?

A gift of a Retained Life Estate Deed to the Church or one of its institutions must be reviewed and evaluated by the Church Real Estate Division. LDS Philanthropies can assist you with this process. A Real Estate Packet* of specific information about the personal residence or farm must be completed and sent to LDS Philanthropies. Once a Real Estate Packet is received by LDS Philanthropies, the evaluation process may take 60 to 90 days to complete. This process includes such items as a physical inspection, environmental assessment, title report, appraisal, and so forth. When the evaluation is complete, you will receive notification of the results.

For tax purposes, you must obtain your own appraisal to determine the fair market value you claim on your income tax return. Your tax return must include IRS form 8283 signed by your appraiser.

Other Facts You Should Know about a Retained Life Estate Deed Using a Personal Residence or Farm
While you retain the right to live on and use the property, you continue to be responsible for all routine expenses such as maintenance fees, insurance, property taxes, and repairs. If you later decide to vacate the property, you may rent all or part of the property to someone else, or sell the property in cooperation with the beneficiary institution.

* You must have Adobe Acrobat to view this document Free download

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

For daytime account assistance call 1-800-746-8250 or email: Feedback

For assistance in using these tools in your financial or estate planning, please call 877-650-5377.