Life Estate (Retained Life Estate)

Life Estate (Retained Life Estate)

If you would like to leave your home or farm to Roger Bacon High School but continue living there for the rest of your life, a retained life estate may be a great option.

This approach allows you to make a future gift while maintaining full use of your property today.

How It Works

A retained life estate is a simple arrangement:

1. Transfer Ownership
   You deed your home or farm to Roger Bacon High School.
2. Retain Lifetime Use
   You keep the legal right to live in and use the property for the rest of your life—and, if desired, for the lifetime of a spouse or other loved one.
3. Maintain the Property
   You continue to be responsible for routine expenses such as maintenance, insurance, and property taxes.
4. Create a Future Gift
   After the life estate term ends, the property becomes fully owned by Roger Bacon High School, where it can be used or sold to support our mission.

Key Benefits

A life estate can offer both personal and financial advantages:

• Receive a charitable income tax deduction based on the future value of the gift
• Continue living in and using your home or farm for life
• Option to extend usage rights to a spouse or other loved one
• Make a meaningful future gift to Roger Bacon High School

Flexibility and Planning

This type of gift can be adapted to fit your needs:

• Shared Life Estates – Provide continued use for you and another individual, such as a spouse
• Property with a Mortgage – In some cases, a life estate may still be possible even if there is an existing loan
• Future Options – If your living situation changes, there may be opportunities to sell the property and convert your interest into cash or income

Ongoing Responsibilities

As the life tenant, you continue to care for the property just as you do today. This typically includes:

• Routine maintenance and upkeep
• Property insurance
• Payment of real estate taxes

These expectations are usually outlined in a simple agreement at the time the gift is established.

A Gift That Starts Today

A retained life estate allows you to remain in your home while also creating a lasting legacy for Roger Bacon High School—supporting future generations while enjoying the place you love.