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 our planned giving website. On one such visit, Miranda learned that she could make a gift of her home to Phoenix Theatre and receive income for life.
Miranda: I called Marisa and asked her how a charitable remainder unitrust works. She said that when the time came for me to move out of my home, I could give it to Phoenix Theatre 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 condo 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 condo nearby that was perfect for me. I called Marisa 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 huge charitable deduction for her gift!