Planning a Gift
Bryn Mawr Legacy: A Gift for Learning, A Gift for the Future
Retained Life Estate
As the creator of a Retained Life Estate, you irrevocably deed to Bryn Mawr College your home or farm, but retain the right to live in it for the rest of your life, a term of years, or a combination of the two. You may also use a vacation home to create this kind of gift.
While you retain the right to live on your property, you continue to be responsible for all routine expenses - maintenance fees, insurance, property taxes, repairs, etc. If you later decide to vacate your property, you may rent all or part of the property to someone else or sell the property in cooperation with Bryn Mawr College. When your retained life estate ends, Bryn Mawr College can then use your property or the proceeds from the sale of your property for the purpose you designate.
- You will qualify for a federal income tax deduction. Note that deductions for gifts of long-term appreciated property will be limited to 30% of your adjusted gross income and gifts non-appreciated property will be limited to 50% of your adjusted gross income. You may, if necessary, take unused deductions of either kind over the next five years, subject to the same 30% or 50% limitation.
- You will retain the right to live on your property for the rest of your life, a term of years, or a combination of the two.
- Your estate may enjoy reduced probate costs and estate taxes.
- You will provide generous support of Bryn Mawr College.
For information on retained life estates, contact:
Director of Gift Planning