Retained Life Estate

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  • Real Estate

How it works:

  1. You make a gift to Berkeley of all or a portion of your residence or vacation home, subject to a life estate.
  2. Continue to live in the property for life or a specified term of years, while also maintaining the property and paying the expenses, e.g., taxes, insurance.
  3. When your life estate ends, the proceeds from the sale of the property support campus’s highest priorities or programs you have designated.
  • Income Tax Deduction

How you Benefit:

  • You can continue to enjoy your property for the rest of your life.
  • Receive an immediate income tax charitable deduction based on the fair market value of the property, less the value of your life estate.
  • You can terminate your life estate early and receive a second tax deduction.
  • The property is no longer part of your taxable estate and passes to Berkeley immediately on termination of the life estate.
For more in-depth information, please call one of our experts at 800-200-0575.