Property Turns Into Income

Miranda's grandson came often to visit and help with chores around the house. On one such visit, he helped Miranda "surf" the Internet. She enjoyed reading the weekly finance updates and donor stories on Hope Channel's planned giving website. On one such visit, Miranda learned that she could make a gift of her home to the charity and receive income for life.
Miranda: I called the gift planner and asked her how a charitable remainder trust works. She said that when the time came for me to move out of my home, I could give it to Hope Channel and set up a special kind of trust. The trust would provide me with income for the rest of my life and I would receive a tax deduction for my gift.
Miranda thought that she might want to move to a condominium with less upkeep. Her financial advisor reviewed the plan and said that the income she received from the charitable remainder trust would be enough to cover her living expenses.
Miranda: After visiting real estate websites with my grandson, I found a condominium nearby that was perfect for me. I called the gift planner and said that I was ready to move out of my home and set up the charitable trust.
Miranda was thrilled that she could turn her property into income to meet her future needs and receive a charitable deduction for her gift.