Property Turns Into Income

Miranda lived in the family home where she and her husband had raised their three children. After he passed away, Miranda found it increasingly difficult to care for her property.

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 charity's planned giving website. On one such visit, Miranda learned that she could make a gift of her home to the charity and receive income for life.

Miranda: I called the gift planning department at Boys Home and asked how a charitable remainder unitrust works. The man I talked to said that when the time came for me to move out of my home, I could give it to Boys Home 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 Boys Home and said that I was ready to move out of my home and set up the charitable trust.

Miranda was put at ease when she learned that she could turn her property into income to meet her future needs and receive a charitable deduction for her gift. Her husband grew up at Boys Home and they both loved the place. She knew he would be very happy with her decision.

*Please note: The names and image above are representative of a typical donor and may or may not be an actual donor to our organization.