Retained Life Estate
Keeping Your Property and Gifting It Too
The Retained Life Estate
You may donate a personal residence or vacation home to The Santa Fe Opera while retaining the right to live in it during your lifetime (or for a fixed number of years), or for the lifetime of another resident. This gift arrangement results in an immediate tax deduction for the value of the gift that would eventually come to the Opera, based upon federal tax guidelines. Such a tax deduction may be useful as an element in your financial planning.
In creating a Retained Life Estate agreement with the Opera, you must have your property independently appraised and agree to continue to fulfill the responsibilities of home ownership, such as maintenance, insurance and tax payments. In turn, it is the responsibility of the Opera to discuss with you any liabilities that the property may carry, as well as the Opera's eventual plans for the property.
Establishing a retained life estate, as with any gift of real estate, is complex and requires careful planning and attention to detail [calculate]. You should discuss with your own advisors and with our Planned Giving staff any gift of real estate you are considering well before beginning the transfer. For confidential help without obligation, contact us today!
Please call Robert Meya, Director of External Affairs, at (505)986-5912 or Contact Us by email to discuss your bequest.
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