You may make a gift of your home to Wagner College (see Legacy Vol. 2) while you are still living in it. In fact, your spouse or other person may live there for life, or a specified term of years, as well. Your gift must be an irrevocable remainder interest that provides that after your lifetime use and that of any survivor, Wagner receives the property.
You deed your home – farm, vacation home, condominium — to Wagner and continue to live there just as before. You have responsibility for maintenance, insurance and property taxes. It’s still your right to make improvements or to rent your home.
In return, you receive an immediate tax benefit based on market value and IRS tables that take into account life expectancy, depreciation and minimum tax rates. Note: you may at any time terminate your life estate and take an additional tax deduction.