life estate agreements
Giving through a life estate agreement involves a personal residence or farm. The property needs to be unencumbered (debt free). The deed for the property is transferred to BMM and reserves a life estate for the life of the donor(s). The donors then are able to live in and/or use the property for their lifetime. The donors are responsible for maintaining the property, including taxes and insurance. A charitable deduction is available for a portion of the value of the property. Upon the decease of the survivor of the donor(s), the property then passes to BMM.