Life Estate Gift Annuity
A Life Estate Gift Annuity allows you to gift your home to Sharp HealthCare while you continue to occupy and enjoy it for your lifetime and receive a secure income for life.
Benefits of a life estate annuity
- Retain the full use and enjoyment of your home.
- Create an income stream for your lifetime and that of a loved one.
- Receive an immediate income tax deduction that can be applied this year and may be deducted up to an additional five years.
How a life estate works
- You deed your home or farm to Sharp HealthCare Foundation. The deed will include a provision that gives you the right to use your home or farm for the rest of your life and that of any other life estate party named in the deed.
- You and Sharp HealthCare sign a maintenance, insurance and taxes (MIT) agreement to explain that you will do your best to keep the property in good condition and that you will maintain property insurance and pay the property taxes.
- When the owners of the life estate have passed away, your home or farm will belong to Sharp. We will use or sell the property to support the Sharp hospital or program you have selected.
To learn more about a life estate, please contact us. We would be happy to assist you and answer your questions.