Transfer title to your personal residence now, while retaining the right to live in or use it for the rest of your life or another’s life. Upon the death(s) of the life tenant(s), title to the property vests in Baylor and any subsequent sale proceeds will be applied to the purpose you designate.
You receive an immediate income tax deduction based on the fair market value less the present value of the retained life estate. Did you know?
If you move out of the donated property, you can still rent it and collect the rental income.
While they are living, life tenants are responsible for property taxes, insurance, maintenance and upkeep, although they do not pay any rent to Baylor.
Properties subject to a mortgage may not be appropriate for this type of gift.
Before accepting a gift of real estate, Baylor must conduct due diligence on the property, including assessment of marketability and environmental concerns.