Gifting a Personal Residence or Farm

There was an old woman who lived in a shoe Had she planned on giving that shoe (her personal residence) to a charitable remainder unitrust (CRUT) or charitable remainder annuity trust (CRAT) and didn't vacate before funding the trust no income tax deduction would have been allowable. Her use of the shoe would have been a prohibited act of self-dealing.1 So what should that old woman do? She wants

There was an old woman who lived in a shoe

Had she planned on giving that shoe (her personal residence) to a charitable remainder unitrust (CRUT) or charitable remainder annuity trust (CRAT) — and didn't vacate before funding the trust — no income tax deduction would have been allowable. Her use of the shoe would have been a prohibited act of self-dealing.1

So what should that old woman do?

She wants to live in her shoe (or other personal residence) —

All access premium subscription

Your subscription will include 12 months of Trusts & Estates magazine and access to premium content on WealthManagement.com.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish