Retained Life Estate
You can deed your home, farm or vacation home while retaining the right to live in or use the property for life or a term of years. In exchange, you receive an immediate income tax deduction.
How it works
- You transfer your residence, farm or vacation home to Jefferson.
- You continue to live in the property for life or a specified term of years, while continuing to be responsible for the taxes and upkeep.
- The property passes to Jefferson when your life estate ends, and the property is sold and the proceeds are used in the manner you specified.
- You receive an immediate income tax deduction for a portion of the appraised value of your property.
- You can cancel your life estate (i.e. give up your right to live in the property) at any time and take an additional income tax deduction.
- You have the satisfaction of making a significant gift that benefits you now and Jefferson in the future.