You may give real estate (such as your residence, vacation home, or farm) through a grant deed to Occidental and retain the right to use the property during your lifetime. This method of giving may appeal to those who are interested in making a gift of their property later. The benefit is you receive a sizable income tax deduction now to offset current income taxes.

Since you continue to use the property, you also continue to pay taxes, insurance, and maintenance costs on the property for life. You give your property to Occidental with a written agreement that the College may not use it until a time specified by you.

You continue to use and enjoy the property for as long as you wish. After you or the last designated user dies, Occidental College receives the property. As with all gifts of real estate, a qualified appraisal and an environmental assessment are required.

Summary of Features and Benefits

• You receive an immediate income tax deduction equal to the present value of the property that Occidental will receive in the future.
• The property will not be included in your estate tax or probate costs.

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This information is provided with the understanding that Occidental College is not engaged in rendering legal, accounting, or other professional advice and assumes no liability whatsoever in connection with its use.  Because tax laws are constantly changing and are subject to differing interpretations, we urge you to consult your tax and financial advisors before acting on the information contained herein.

 

Last updated:01/23/08