Retained Life Estate

What it Means

A gift in which the donor conveys a property that qualifies as a personal residence to the Asbury foundation while retaining the right to live in the property during his/her life. Retained Life Estates refer to the claim on property, real or personal, that will begin at some point in the future. A future interest allows the grantor to retain the right to use that property until the specified transfer date.

How It Works

1. You transfer your residence, farm or vacation home to the Asbury Foundation subject to a life estate
2. You continue to live in the property for life or a specified term of years, while continuing to be responsible for all taxes and upkeep
3. The property passes to the Asbury Foundation when your life estate ends

Benefits

Allows you to…

• Receive gift credit and an immediate income tax deduction for a portion of the appraised value of your property
• Terminate your life estate at any time and take an additional income tax deduction
• Have the satisfaction of making a significant gift now that benefits the Asbury Foundation later

The content provided on The Asbury Foundation site is not offered as legal or tax advice. Examples of tax benefits may or may not apply to your own situation at the time of your gift. The Asbury Foundation urges donors to seek the advice of a tax advisor, attorney, and/or financial planner to make certain a contemplated gift fits well into your overall circumstances and planning. All material is presented solely as educational information and is not a solicitation or offer.