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Retained Life Estate: FAQs

Do I have any other option other than having the charity take possession of the house should I want to move out of the property prior to my death?

If you negotiate a provision in the Retained Life Estate contract for the right to lease the property for the remainder of your life estate you can keep the additional money. You remain responsible for the taxes, insurance and maintenance expenses spelled out in the agreement with the charity.

Who is responsible for building modifications, additions and custom items like a work shop, extra garage or swimming pools?

You are. Most likely the RLE contract will contain a provision that requires you to get prior approval from the charity to make such improvements.

Can we move out and then back in?

Yes. The use of the asset is yours.

Can we use our second home to create a Retained Life Estate?

Yes. As long as the property qualifies under the IRS rules it can be used create this type of gift. Check with your accountant to make sure it qualifies.


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Office of Gift Planning
National Audubon Society
225 Varick Street, 7th Floor
New York, NY 10014
212-979-3033
plannedgifts@audubon.org

Your team
Rose Tesone, left, Audubon’s Bequest Manager and Shari S. Kolding, Audubon’s Director of Gift Planning. Photo: Luke Franke/Audubon