Retained Life Estate
How Does It Work
- Transfer title to personal residence or farm to the Georgia Tech Foundation
- The Georgia Tech Foundation allows you (and spouse) to remain in residence for life
- You (and spouse) occupy and maintain residence
- The Georgia Tech Foundation uses or sells property after your death(s)
Benefits
- No out-of-pocket cost for substantial gift to the Georgia Tech Foundation
- Federal income-tax deduction for remainder value of your residence or farm
- You (and spouse) can occupy residence for life
Please note: Because the federal estate tax has been repealed for 2010, there is no current estate tax in 2010 for the gifts described on this page. However, the consensus opinion among professionals is that Congress will enact an estate-tax law that may be retroactive to January 1, 2010. It is very important that you seek the advice of your estate-planning attorney to determine what changes, if any, need to be made to your existing estate plans, and then again if Congress reinstates the estate tax sometime later this year.
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