A residual interest gift is an arrangement where you irrevocably give real estate or personal property to Indspire while retaining the right to use the property for life or for a term of years.
The property is appraised and the value of the residual interest is determined. Legal documents are signed by you and Indspire and filed in the land title office. Indspire will then issue a donation receipt for the present value of the donated residual interest. If appreciated property is donated, the amount of the capital gains must also be calculated.
The property vests in Indspire, subject to the life interest retained by you. Upon your death or expiration of the term of years, your right to use the property ceases. Indspire then has complete control of the property.
Please Seek Expert Advice: Indspire strongly recommends that you seek professional advice to ensure your financial goals are considered, your tax situation reviewed, and that your planned gift is tailored to your circumstances.
Indspire recommends that you consult your lawyer or estate planner regarding the specific wording and creation of a gift of residual interest or other type of planned gift.
For more info, please contact us:
Cindy Ball, CFRE
Vice President of Development
email@example.com | 1.855.INDSPIRE (463.7747) X245