You can deed your home, farm or vacation house, save taxes with a current deduction, and still use the property for the rest of your life.
A retained life estate is for you if…
An attractive option for donating real estate is the retained life estate. This arrangement allows you to give your home to Yale while retaining the right to live there for the rest of your life.
You will continue to be responsible for its taxes, structural maintenance, insurance, and upkeep. Yale has no rights to the property nor, by law, any obligations. We mutually agree up front about what we will do if you no longer wish to live in the house or become physically unable to continue living there.
You will receive a charitable deduction based on the fair market value of your home minus the present value of the life tenancy you have retained. Additionally, any capital improvements, such as a new roof, may give rise to additional deductions.
With a retained life estate, you are able to make a significant gift to Yale without disturbing your income or your living arrangements.