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The Family Home becomes Lifetime Income

The Family Home becomes Lifetime Income

Katherine lived in the family home where she and her husband, Tom, had raised their three children. After Tom passed away, Katherine found it increasingly difficult to care for her property. She had considered selling her home to downsize, however wasn?t sure if that was the right decision.

Katherine and Tom had been long-time supporters of the Ministry of OSF. Katherine remembered hearing about the planned giving program for OSF called the Legacy of Hope. She visited the Legacy of Hope website and enjoyed reading the different articles. Savvy Living became one of her favorites. While Katherine was browsing the different types of gifts, she learned that she could make a gift of her home to OSF and receive income for life as well as.

Katherine: I called the gift planner at OSF and asked her how this works. After listening carefully to my concerns and ideas, the gift planner told me that one option could be a gift through a "sale and unitrust." When the house sold, I would receive cash for portion of the sale, and the rest would fund a charitable remainder unitrust with OSF as the beneficiary. The cash would allow me the money to help purchase a smaller place and the trust would provide me with income for the rest of my life. I would also receive a tax deduction for my gift.

Katherine met with her financial advisor who reviewed the plan and said that the income she would receive from the charitable remainder unitrust would be very helpful in covering her living expenses.

Katherine: After working together with my financial advisor and the gift planner at OSF, I found a condominium nearby that was perfect for me. I sold my house, and we set up the trust.

I was thrilled that I could turn my property into income to meet my future needs, support the Ministry of OSF, and receive a charitable deduction for my gift. It was also nice to know the gift planner at OSF was willing to work with my financial advisor to make sure my needs were met and my philanthropic wishes were clearly represented.

*Please note: The story above is inspired by our wonderful donors and is for illustration purposes only to help you understand the benefits of planned giving. For more information on creating life income by giving your home to OSF through a sale and unitrust, please click here to download a free brochure, or call our office at (309) 566-5653.