Retained Life Estate
A retained life estate allows you to gift your home or farm to William & Mary, continue to use the property throughout your life, and receive a charitable tax deduction. When the life estate period ends, the proceeds from the property can be used to create your charitable legacy at William & Mary in the manner you direct.
How it Works
- You deed your home, your vacation home, or your farm to William & Mary.
- You continue to live in the home, rent-free, for life.
- You are responsible for the maintenance, taxes, insurance, and bills.
- William & Mary may use the property for its own purposes or may sell it and use the proceeds.
Benefits
- You receive a charitable tax deduction for the fair market value of the real estate at the time of the transfer.
- You pay no capital gains tax on the transfer.
- You can direct the proceeds from your gift to a specific area or program at William & Mary.
Note
- Property must be mortgage-free.
- If you no longer want the property after establishing the retained life estate, William & Mary will work with you to conclude the arrangement. In some cases, you may receive an additional charitable tax deduction.
Contact us
To learn more about a life estate, please contact us. We would be happy to assist you and answer your questions.