Retained Life Estate
With a retained life estate, you deed Wofford your personal residence, farm or vacation home but retain the right to live there for life.
How It Works:
- You agree to give Wofford your personal residence, farm or vacation property.
- You retain the right to live there for life.
- You are responsible for all maintenance, tax payments and insurance on the property during your lifetime.
- A Life Estate Agreement is executed between you and Wofford describing how you wish the funds to be used by Wofford.
- The property passes automatically to Wofford upon your death.
- Wofford sells the property and uses the proceeds as directed in the Life Estate Agreement.
Assets Used:
- A personal residence, farm or vacation property.
Benefits:
- Income tax deduction the year the donor deeds the property to Wofford.
- Transfer of property is not subject to capital gains tax.
You might be interested if…
…You have property that your heirs don’t want to be responsible for following your death.