The Office of University Development is committed to the continued advancement of Benedictine University. We challenge our alumni and donors to support the University in order to transform our future and ensure the growth and development of the institution and our students.
You can give a residence or farm to Benedictine University, receive an income tax deduction for doing so, and still retain full use of the property during your lifetime. This type of gift is known as a gift of a remainder interest in a personal residence or farm. After you make the gift, nothing changes as far as the actual use of the property. You can continue living in your personal residence or continue living on or renting your farm property. Depending on your age, the immediate income tax deduction received for the transfer of property can be a substantial percentage of the fair market value of the real estate. At your death, the University becomes the sole owner of the property and directly benefits from the proceeds of the property’s sale. It is even possible, in some instances, to give Benedictine a remainder interest in your residence or farm in exchange for a gift annuity so that you have the benefits of both lifetime use of the property and lifetime annuity payments from Benedictine University.
Benefits of a Gift Remainder Interest in Personal Residence or Farm
- Immediate income tax deduction
- Lifetime use of your residence or farm
- Significant gift to Benedictine University