aking a charitable gift of real estate can be a unique way to benefit you and your church.

You may give the gift of your home or your farm and still retain the use of it for your lifetime.

This allows you to claim a charitable deduction for the gift while retaining all the benefits of ownership. After your lifetime, the Church will have complete control of the property.

One of your valued possessions, your home, can become a valued gift to First Presbyterian Church even while you are still living in it, and even if you want your spouse or other person to live there for life. This arrangement is called a retained life estate.

You Retain Rights, Responsibilities and Tax Savings

By deeding your home to the church now, you can obtain a sizable income tax deduction this year. The amount depends on the value of the property and your age (and the age of any person given life use). In addition, you retain the right to rent your home or make improvements to it. You continue to have responsibility for maintenance, insurance and property taxes.

Any personal residence qualifies for this tax deduction-a farm (with or without the house), vacation home, and condominium, even stock in a cooperative housing corporation.

Your gift to us must be an irrevocable remainder interest. In other words, after your life use and that of any survivor, the church receives the property outright.

Tax Savings for Partial Use

Even a home you don't occupy year-round may qualify. For example, you could give the church a one-half interest in a vacation home. You would continue to use the property for six months of each year while we, as half owner, would use it for the remaining six months. As a result, you'd be entitled to an income tax charitable deduction based on half the property's fair market value.

Life Income From Home Transferred to a Trust

If you don't want to live in your unmortgaged home any longer, consider transferring it to a charitable remainder trust. The trustee can then sell the property and invest the proceeds in income-producing securities. You'll receive an income for life—and so can a survivor you name. The trust principal becomes ours, without exposure to estate taxes when spouses are the only income beneficiaries.

When you transfer appreciated property that has been held long-term, you won't pay any tax on the capital gain. And you'll benefit from a substantial current income tax deduction.

Personal Satisfaction, Too

A gift of your home is a tangible and enduring testimonial of your interest in the mission and future of First Presbyterian Church and...