Retained Life Estate

You may give real estate (such as your residence, vacation home or farm) to Whitworth and retain the right to use the property during your lifetime. This is an excellent way to make a gift at a later date, yet take advantage of a current income-tax deduction.

Since you continue to use the property, you also continue to pay taxes, insurance and maintenance costs on the property for life. The transfer is made with a deed and a written agreement with The Whitworth Foundation, specifying that the foundation may not use the property until a time specified by you.

As mentioned above, you will receive a current income-tax deduction for your gift; in addition, the designated property will not included in your taxable estate.

If you are interested in how a retained life estate would benefit you, please contact our office.