Life Estate Reserved
You may desire to leave your home or farm to the Archdiocese of Omaha at your death but would also like to receive a current charitable income tax deduction. A life estate reserved might offer the solution you need!
Life Estate Reserved
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Life Estate
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Benefits of a life estate reserved
- Receive a federal income tax deduction for the value of the remainder interest in your home or farm
- Preserve your lifetime use and control of your home or farm
- Create a life estate based on more than one life. This will preserve the use of the property for you and a loved one, such as a spouse or dependent child
How a life estate works
- You deed your home or farm to the Archdiocese of Omaha. The deed will include a provision that gives you the right to use your home or farm for the rest of your life and that of any other life estate party named in the deed.
- You and the Archdiocese of Omaha sign a maintenance, insurance and taxes (MIT) agreement to explain that you will do your best to keep the property in good condition and that you will maintain property insurance and pay the property taxes.
- When the owners of the life estate have passed away, your home or farm will belong to the Archdiocese of Omaha. We will use or sell the property to further our charitable work.
Contact us
To learn more about a life estate, please contact us. We would be happy to assist you and answer your questions.
Many people are called to include the Catholic Church in their estate plans as a lasting testament to their faith. The Archdiocese of Omaha created the Living Legacy Circle as a special way to recognize those who have made a provision in their estate plans for the Archdiocese of Omaha or a parish or school within the archdiocese.
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Please contact us if you would like additional information or let us know if you have given to us in the past.
