definition
an agreement to gift your personal residence to Milton but retain the right to live in the residence for the remainder of your lifetime and your spouse’s lifetime

donor goal
create a charitable gift while continuing to enjoy your residence

donor profile
donors seeking to make a gift without using cash
donors seeking to relieve their estate from burden of selling real estate

benefits

• a gift to Milton
• an immediate charitable deduction
• reduction in the value of your taxable estate
• avoidance of capital gains tax on sale of real estate

funding

• typically funded with a primary residence, vacation home, farm or condominium

our donors

Biz Park ’41 and his wife have always valued education as perhaps the most important contributor to advances in civilization. “We have lived here on the beach in Santa Monica for over forty years, and during that time the value of our house, or more accurately of the land on which it stands, has increased substantially. Since members of our extended families seem to be taking care of themselves satisfactorily, we have established a trust to be funded with the proceeds from our house with Milton as beneficiary. While this differs from a retained life estate, the benefits are similiar. It is some relief to have the disposition of a major portion of our estate settled, some satisfaction in feeling we have some stake in the future.”