Retained Life Estate

Retained Life Estate

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Retained Life Estate

Retained Life Estate definition:  Real estate placed in a life estate is ultimately donated to a charitable organization after death, while you retain the right to occupy the property during your lifetime and the lifetime of your spouse. The value of the real estate is removed from the taxable estate. The gift (fair market value of real estate property minus present value of the retained interest) is income tax deductible.

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