Retained Life Estates
How it works
- You transfer your residence, farm, or vacation home to one of the tax-exempt organizations* subject to a life estate.
- 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.
- The property passes to the tax-exempt organization* when your life estate ends.
Benefits
- You receive gift credit and an immediate income tax deduction for a portion of the appraised value of your property.
- You can terminate your life estate at any time and take an additional income tax deduction.
- You can have the satisfaction of making a significant gift now that benefits one of the tax-exempt organizations* later.
A retained life estate is for you if ...
- You want to use your residence to make a gift to one of the tax-exempt organizations*, but don't want to move out.
- You are willing to deed your home, cabin, or farm to one of the tax-exempt organizations* if you can continue to live there rent-free.
- You can continue to maintain your home.
- Your home is not subject to a mortgage or other obligations.
To learn more about retained life estates, email us, complete the Information Request Form, or call us at 888.252.6363 so that we can assist you.
*BJU does not qualify as a 501(c)(3) tax-exempt organization, and gifts to it may not be deducted for federal income, gift, or estate tax purposes. The BJU M&G, MSF, HAF, DNSF, S&E Endowment Fund and GFA are all 501(c)(3) tax-exempt organizations, and gifts to these organizations may be deducted for federal income, gift, or estate tax purposes.
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