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Retained Life Estate

Areas of Practice:

Power of Attorney
Elder Law
Asset Protection
Estate Planning in San Jose
Health Care Directive

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Retained Life Estate

The donor transfers real property to a charity and retains the right to live on the property together with all the responsibilities for the property. In other words, nothing changes until the donor dies. The donor receives an immediate income tax deduction for the remainder interest in the property and also does not have to pay capital gains tax on any appreciation of the property.

Outright Gifts

For the highest income tax benefit, appreciated assets are usually donated. This avoids capital gains tax on the appreciated value of the property. There are limits on how much may be deducted in one taxable year.

Bargain Sale

Instead of having a garage or other sale, sell the property to a charity for less than its market value. Deduct the difference from your income as a charitable contribution, again subject to certain limitations.