Retained Life Estates
Another attractive gift plan for donating real estate is the retained life estate. This allows you to give your home to The Hotchkiss School while retaining the right to continue living there for the rest of your life. We will own the house, but you will continue to be responsible for its ongoing taxes, structural maintenance, and upkeep. And we mutually agree upfront about what we will do if you no longer wish to live in the house or become physically unable to continue living there.
You will receive a charitable deduction based on the fair market value of your home minus the present value of the life tenancy you have retained.
With a retained life estate, you make a significant gift to The Hotchkiss School with the most valuable asset you hold, without disturbing your income or your living arrangements.