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Life Estate Reserved

You may desire to leave your home or farm to Jewish Federation of Cleveland at your death but would also like to receive a current charitable income tax deduction. A life estate reserved might offer the solution you need!

Life Estate Reserved
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Life Estate
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Benefits of a life estate reserved

  • Receive a federal income tax deduction for the value of the remainder interest in your home or farm
  • Preserve your lifetime use and control of your home or farm
  • Create a life estate based on more than one life. This will preserve the use of the property for you and a loved one, such as a spouse or dependent child

How a life estate works

  1. You deed your home or farm to Jewish Federation of Cleveland. 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.
  2. You and Jewish Federation of Cleveland 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.
  3. When the owners of the life estate have passed away, your home or farm will belong to Jewish Federation of Cleveland. We will use or sell the property to further our charitable work.

Contact us

To learn more about a life estate, please contact us. We would be happy to assist you and answer your questions.

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Contact Us

Steve Hoffman 216-593-2900 shoffman@jcfcleve.org
Hedy Milgrom 216-593-2850 hmilgrom@jcfcleve.org
Carol Wolf 216-593-2805 cwolf@jcfcleve.org
Ann Garson 216-593-2814 agarson@jcfcleve.org
Matthew Kaliff 216-593-2831 mkaliff@jcfcleve.org
Janet Shapiro 216-593-2875 jshapiro@jcfcleve.org
Jennifer Schwarz 216-593-2816 jschwarz@jcfcleve.org
Michael Cole 216-593-2795 mcole@jcfcleve.org
Lisa Hacker 216-593-2792 Lhacker@jcfcleve.org
Jessie Bruder 216-593-2869 jbruder@jcfcleve.org

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This site is informational and educational in nature. It is not offering professional tax, legal, or accounting advice.
For specific advice about the effect of any planning concept on your tax or financial situation or with your estate, please consult a qualified professional advisor.