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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.

Example:

>Dr. Wiggins ‘56