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: The federal estate tax is currently back in effect through the end of 2012. The top tax rate is now 35%, and the exclusion amount is $5,120,000 per person and $10,240,000 per married couple. Any exclusion amount not used by a spouse who dies after December 31, 2010, is portable and generally may be used by the surviving spouse. 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.