Property Turns Into Income

Thomas lived in the family home where he and his spouse had raised their three children. After his spouse passed away, Thomas found it increasingly difficult to care for his property.

Thomas' grandson came often to visit and help with chores around the house. On one such visit, he helped Thomas "surf" the internet. He enjoyed reading the weekly finance updates and donor stories on SUNY Maritime's planned giving website. On one such visit, Thomas learned that he could make a gift of his home to the College and receive income for life.

Thomas thought that he might want to move to a condominium with less upkeep. His financial advisor reviewed the plan and said that the income he received from the charitable remainder trust would be enough to cover his living expenses.

Thomas was thrilled that he could turn his property into income to meet his future needs and receive a charitable deduction for his gift.

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 give us a call. We would be happy to answer questions that you might have.

*Please note: The name and image above are 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 click here to view a color example of your benefits.