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.
Donor stories and photographs are
for purposes of illustration only.
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 the Foundation of FirstHealth and is owned
by
Future
Focus. Please report any problems
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section webmaster.
