Retained Life Estate
How It Works
- You transfer the title to your residence, farm, or vacation home to Mills-Peninsula Hospital Foundation and live there for the rest of your life.
- Continue to live in the property or use it for life or a specified term of years, and continue to be responsible for all taxes and upkeep.
- The property passes to Mills-Peninsula Hospital Foundation when your life estate ends.
Benefits
- You can give us a significant asset but retain the security of using your property for the rest of your life.
- You receive an immediate income tax deduction for a portion of the appraised value of your property.
- You can terminate your life estate at any time and may receive an additional income tax deduction OR you and Mills-Peninsula Hospital Foundation may jointly decide to sell the property and prorate the sale proceeds.
