You can donate a personal residence, vacation home, or farm to Lawrence Hospital Center, reserving the right for yourself, your spouse and possibly others to live there for the rest of your lifetime(s). You would receive an income tax deduction now for a portion of the value of your home or farm. You would continue, as before, to be responsible for maintenance, real estate taxes and insurance.
Mrs. Brice owns a vacation home she wants to eventually leave to Lawrence Hospital Center. Rather than leave it in her will, she deeds it over to Lawrence now, reserving the right to use the home for the rest of her life. The home is worth 375,000. At her age of 82, she receives an immediate income tax deduction of $281,096 for her gift. This can be used up to 30% of her adjusted gross income, with a five year carry-over for any excess.