Retained Life Estate

Retained Life Estate

A donor may transfer a personal residence or a farm of the Monticello Area Education Foundation, while retaining the right for himself or herself and spouse to live there for life. The donor will be entitled to a charitable income tax deduction for a portion of the appraised fair market value of the property at the time of the transfer. In addition, the donor escapes capital gains tax on the property's appreciation, and his or her estate will be entitled to a charitable tax deduction.