Planned Giving for Financial Advisors
Retained Life Estate
How they work
- Your client transfers the title to her personal residence, vacation home or farm to Gaylord Hospital, allowing the client to retain the use and enjoyment of the property for life.
- Your client (or her designated beneficiary) continues to live in and use the property, and she continues to be responsible for all taxes, insurance, maintenance, and upkeep.
- When the life estate ends, the property passes to Gaylord Hospital.
Benefits for your client
- Your client donates a significant asset but retains for herself (or her beneficiary) the enjoyment of the property for life or for a term of years.
- Your client receives an immediate income tax deduction for a portion of the appraised value of her property.
- Your client (or her beneficiary) can terminate her life estate at any time during her lifetime and receive an additional income tax deduction.
- If Gaylord Hospital and the life tenant agree to sell the property at a future date, the sale proceeds will be divided between Gaylord Hospital and the life tenant.