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"Annuitizing" property

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Ellenmw

Guest
I seem to remember reading about an arrangement whereby an individual can leave their home to a charitable institution, and, in exchange, continue to live in it and receive a lifetime income stream. Have I got this right? If so, what is it called, and does it apply to co-ops and condos? Thank you. (New York State)
 


ALawyer

Senior Member
There are reverse mortgages that essentially buy your house and allow you to live in it and provide you with an annuity based upon the actuarial value of your life expectancy.

There is no reason I know of why a charitable organization can not sponsor this.

There are also charitable gifts purusant to which you can give your property to a chartity subject to a life estate, and get a tax deduction based on the value and your age.

And presumably the 2 could be combined in some manner.
 

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