Retained Life Estate
How it Works
- You transfer your residence, farm, or vacation home to Exeter subject to a life estate.
- You continue to live in the property for life or a specified term of years, and continue to be responsible for all taxes and upkeep.
- The property passes to Exeter when your life estate ends.
- You can give us a significant asset, but retain the security of using it for the rest of your life.
- You receive 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 may receive an additional income tax deduction.
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Please contact us so that we can assist you through every step of the process.
Questions and Answers
If you negotiate a provision in the Retained Life Estate contract for the right to lease the property for the remainder of your life estate you can keep the additional money. You remain responsible for the taxes, insurance and maintenance expenses spelled out in the agreement with the charity.
You are. Most likely the RLE contract will contain a provision that requires you to get prior approval from the charity to make such improvements.
Yes. The use of the asset is yours. Should you decide to lease for a while and then move back in this gifting concept allows for that. Take a long trip and let the tenants pay for it. Whoopee!