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.
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