Because of special provisions in the tax laws, you can give the University of Kentucky Chandler Medical Center your personal residence or farm, yet continue to live there for the remainder of your life. Further, you can provide that your spouse may live there for his/her lifetime; or you may continue to live on the property for a set number of years. Either way, you will receive an immediate income tax deduction for the contribution.

The property does not have to be a primary residence – it can be a vacation or second home, as long as you use the property as a personal residence. Further, in the case of a farm, you do not have to reside on the property. You also can give stock in a cooperative apartment if the apartment is used as a personal residence.

The charitable deduction is less than the full value of the property and equals the value of the remainder interest given to the Medical Center (what IRS estimates is the present value of the Medical Center’s right to receive the property in the future.) There also are charitable deductions available for estate or gift tax purposes, if the life interest is given to one or two individuals and the remainder interest is given to the Medical Center. The estate or gift tax deduction is equal to the value of the remainder interest.

For more information, please contact a development officer or Beverly Birdwhistell, Director, Donor Relations, UK Chandler Medical Center at (859) 323–1434.