A retained life estate is for you if…
An attractive option for donating real estate is the retained life estate. This arrangement allows you to give your home to Wells College while retaining the right to live there for the rest of your life.
Ownership of your real estate will be transferred to Wells College at a future date, yet you are entitled to an immediate tax deduction and retain the rights and obligations of ownership for life. You will continue to be responsible for its taxes, structural maintenance, insurance, and upkeep.
You will receive a charitable deduction based on the fair market value of your home minus the present value of the life tenancy you have retained. Additionally, any capital improvements, such as a new roof, may give rise to additional deductions.
With a retained life estate, you are able to make a significant gift to Wells College without disturbing your income or your living arrangements.
The gift planning information presented on this site is intended as general. It is not to be considered tax, legal, or financial advice. Please consult your own personal advisors prior to any decision.
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