RETAINED LIFE ESTATE
How does a Retained Life Estate work?
You transfer title to your property to Grand Piano Series with an agreement that you will continue to live there for the rest of your life (or other term if you prefer). This also obligates you to maintain the property and pay taxes and other obligations. You receive an immediate tax deduction for a portion of the appraised value of the property. We get the security of a significant future asset and you get paid in tax benefits while staying in your house.
Can I donate a vacation property in a Retained Life Estate?
Yes. The IRS has specific rules about qualifying properties, so it best to check the details. Most second homes will qualify, as will motor coaches and yachts.
Can I move out and then back into my Retained Life Estate home?
Yes. The use of the asset is up to you. You can even lease it for a while and then move back in, and you get to keep the lease income. The IRS has specific rules about claiming depreciation on these properties though, so be sure to consult your tax advisor. Contact us if you want to explore this further.