|Retained Life Estate|
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.