You may transfer ownership of a personal residence or farm to the Memphis Foundation while retaining the right to use the property during your lifetime. This is an excellent way to support Memphis, receive income tax deductions and retain the enjoyment of your property for life. Because you transfer ownership of the property to the foundation, you receive an immediate charitable income tax deduction. The amount of your deduction is the value of Memphis’ future interest in the property. You benefit from the charitable deduction, but in most cases you continue to be responsible for maintenance and property taxes. As with any gift, removing this property from your estate can lower your estate taxes and probate costs.