A retained life estate is a gift plan defined by federal tax law that allows you to donate your home, farm or vacation home to Georgia Sheriffs’ Youth Homes Foundation while retaining the right to use it for the rest of your life. You will qualify for an immediate federal income tax deduction.
As the creator of a retained life estate, you irrevocably deed to GSYH Foundation your home, farm or vacation home but retain the right to use it for the rest of your life, a term of years, or a combination of the two.
While you retain the right to use your property, you continue to be responsible for all routine expenses, maintenance fees, insurance, property taxes and repairs. If you later decide to vacate your property, you may rent all or part of the property to someone else or sell the property in cooperation with GSYH Foundation.
At the end of the term of the life estate, GSYH Foundation can then use the property or the proceeds from the sale of the property for the purpose designated by the donor.
Consult your attorney, accountant or other professional advisor for additional information. Please contact us, for an example of a retained life estate based on your age and value of the property.