Allows you to donate your personal property to TCS now, receive immediate tax relief and continue to use the property for the rest of your life.
Benefits of a gift of residual interest:
- Continue to use gifted property for life.
- Receive charitable tax receipt for the net present value of property at time of gift.
- Privacy, as these types of gifts are not part of your will.
- Gifts of residual interest are not included in probate.
James is 68 years old and wants to donate his primary residence to charity upon death. He has no dependants. He works with an advisor to determine a net present value of his property which has a current market value of $500,000. He will receive a charitable tax receipt for the net present value of his home which he can use to offset taxes payable for the next five years. James will be able to live in the home for the rest of his life while making a legacy gift to TCS.