Property Turns Into Income

Miranda's grandson came often to visit and help with chores around the house. On one such visit, he helped Miranda "surf" the internet. She enjoyed reading the weekly finance updates and donor stories on her favorite nonprofit's planned giving website. On one such visit, Miranda learned that she could make a gift of her home to the nonprofit and receive income for life.

• Miranda: "I called the gift planner and asked her how a charitable remainder unitrust works. She said that when the time came for me to move out of my home, I could give it to my favorite nonprofit and set up a special kind of trust. The trust would provide me with income for the rest of my life, and I would receive a tax deduction for my gift."

Miranda thought that she might want to move to a condominium with less upkeep. Her financial advisor reviewed the plan and said that the income she received from the charitable remainder trust would be enough to cover her living expenses.

• Miranda: "After visiting real estate websites with my grandson, I found a condominium nearby that was perfect for me. I called the gift planner and said that I was ready to move out of my home and set up the charitable trust."

Miranda was thrilled that she could turn her property into income to meet her future needs and receive a charitable deduction for her gift.

What is a charitable remainder unitrust?

A charitable remainder unitrust is a trust that can be funded with your cash or other assets that provides you with income and tax benefits and supports the work of Central Florida Public Media with the remainder.

Charitable remainder unitrust video

Is a gift of your home to fund a charitable trust right for you?

Your home has been one of your best assets, but after the kids move out and the house gets harder to care for, you may have other needs. Better than a reverse mortgage, a unitrust is one strategy to "downsize" your home, avoid capital gains tax and provide you with income.

If you have questions about how a unitrust could help you downsize, please contact us. We would be happy to answer questions that you might have.

Please note: The information above is representative of a typical donor and may or may not be an actual donor to our organization. Since your unitrust benefits may be different, you may want to create a printable illustration of your benefits by using the calculator on this page.