How it works
- You transfer your residence, farm, or vacation home to MICA subject to a life estate.
- You continue to live in the property for life or a specified term of years, while continuing to be responsible for all taxes and upkeep.
- The property passes to MICA when your life estate ends.
- You can have the satisfaction of making a significant gift now that benefits MICA later.
- You receive gift credit and an immediate income tax deduction for a portion of the appraised value of your property.
- You can terminate your life estate at any time by making an outright gift of the home and take an additional income tax deduction.
Need more assistance?
Some gift arrangements have minimum age and contribution guidelines to help us be wise stewards. Contact the Development Office for more information about your particular situation. We look forward to helping you.
Office Telephone: 410-225-2262