Retained Life Estate – The Gift That Keeps You in Your Home
What is a retained life estate?
A retained life estate is a plan that allows you to donate a future interest in your home or farm to ECS while retaining the right to live in it for the rest of your life.
As the creator of a life estate, you deed a future interest in your home or farm to ECS, but retain the right to live in it for the rest of your life or a term of years. You may also use a vacation home to create this kind of gift.
While you retain the right to live on your property, you continue to be responsible for all routine expenses: maintenance fees, insurance, property taxes, repairs, etc. If you later decide to vacate your property, you may rent all or part of the property in cooperation with ECS.
When your life estate ends, or you terminate your interest, ECS can then use your property or the proceeds from the sale of your property for the purpose you designate.
Be sure to Consult your legal and tax advisors before making any material decisions based on this information.
