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Retained Life Estate

Every homeowner can be a major philanthropist!  The most meaningful gift for those who wish to make a positive difference the best option may be a retained life estate. This arrangement enables you to donate your home or vacation but retain lifetime use of it, for yourself and/or other members of your family. You benefit from significant income tax savings during life without changing your lifestyle or foregoing the use of any assets and reduced probate and estate tax costs after life.

Here's how it works: Ownership of your property will be transferred to the Fitchburg State University Foundation but possession will not be transferred until much later and after you and loved ones are done using it. The contribution entitles the donor to claim an immediate income-tax deduction for the gift portion of the appraised value of the property, while retaining the rights and obligations of ownership for life. Rights and obligations include being responsible for taxes, structural maintenance, insurance, and upkeep.

Your charitable deduction is based on the fair market value of the home less the present value of your retained life tenancy. Any capital improvements, such as a new roof, allow you to claim additional deductions.

With a retained life estate, you make a significant gift to the University without disturbing your living arrangements or your income, and receive the immediate benefit of tax savings.

Once your retained life estate has been established, you will enjoy the benefits of membership in the Saxifrage Society.

A retained life estate shows truly and positively that: possession is 9/10ths of the law.

For more information, please contact us.