Retained Life Estate Print E-mail

A RETAINED LIFE ESTATE is a gift plan defined by federal tax law allowing the donation of a personal residence (to include a vacation home) or farm with the donor retaining the right to life enjoyment.

A life estate may be retained for one or more lives or it may be retained for a term of years.

All routine expenses - maintenance fees, property taxes, repairs, etc. - are the responsibility of the donor.

The donor receives income tax benefits in the year of the gift (the property is irrevocably deeded to the charity) and estate tax benefits.

 

Please note, individual financial circumstances will vary. The information on this site does not constitute legal or tax advice. As with all tax and estate planning, please consult your attorney or estate specialist. All material is copyrighted and is for viewing purposes only. Use of this site signifies your agreement with the terms of use.The content in this Planned Giving section has been developed for Gospel Rescue Mission by Future Focus. Please report any problems to section webmaster. Revised: June 2008 .

The "SITEMAP" link below lets you navigate to any page within this Estate Planning and Planned Giving section. Should you have any concerns regarding the privacy of information you might furnish us or the Terms of Use for this website, please visit our "PRIVACY POLICY and TERMS of USE" link located at the bottom of the page.