Gift of Personal Residence or Farm with Retained Life Estate

 

Gift of Personal Residence or Farm with Retained Life Estate Diagram

 

How It Works

  1. Transfer title to personal residence or farm to Taylor
  2. No change in your lifestyle—you (and spouse) occupy and enjoy residence or farm for life
  3. Taylor keeps or sells property after your death(s)

 

Benefits

  • No out-of-pocket cost for substantial gift to Taylor
  • Federal income-tax deduction for remainder value of your residence or farm
  • You (and spouse) can occupy residence for life


Next Steps

 

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