Life Estate Agreement for One or Two Lives
A life estate agreement is an arrangement whereby you transfer title to a personal residence, farm, or yacht to charity while retaining the right to occupy and otherwise enjoy the full use of the property for your choice of a term of years or the lifetime of one or more individuals.
Full Name. Please enter the full name of the donor as you would like it to appear on
Transfer Value. Enter the fair market value of your residence, farm or yacht you would like
to exchange for a life estate agreement. This can be as little
as $1,000 or as much
Depreciable Value. Enter the portion of the residence that is depreciable, such as the
building. The value of the land should not be included in this amount. The
Depreciable Value cannot exceed the Transfer Value.
Salvage Value. Enter the value of the Depreciable Value at the end of the Useful Life of
the residence. As an example, it may only be worth 10% of the Depreciable
Value at the end of its useful life.
Useful Life. Enter the useful life of the Depreciable Value (the residential structure).
The longer the Useful Life the greater the deduction. A good rule of thumb
is 40 years.
Beneficiary 1 DOB. Enter your date of birth as MM/DD/YYYY (e.g.
10/21/1932). The year must include the century.