Life Estate Agreements

If you wish to leave your home or farm to be charitable through Fort Dodge Community Foundation at your death, but would like to receive a current charitable tax deduction, a life estate agreement might offer the solution you need.

How a Life Estate Agreement Works

You can deed your home or farm to the Fort Dodge Community Foundation but keep the right to use the property for the rest of your life. You will be able to create or support a fund at the Fort Dodge Community Foundation while maintaining the use of your home or farm.

Benefits of a Life Estate Agreement
  • You receive a federal income tax deduction for the present value of the remainder interest in your home or farm.
  • You preserve your lifetime use and are able to use and control the home or farm while you are alive.
Life Estate Details
  • The life estate can last for your life, or your life and another person's life.
  • It is possible for you to make a gift of your property even though there is a mortgage on the residence.
  • You  will be responsible for the maintenance, insurance and taxes on the property.