Retained Life Estate
How it works:
- You make a gift to Berkeley of all or a portion of your residence or vacation home, subject to a life estate.
- 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.
- When your life estate ends, the proceeds from the sale of the property support campus’s highest priorities or programs you have designated.
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.