NYSARC

Retained Life Estate

Irrevocably giving your home (or vacation house or farm) to NYSARC while continuing to live in it and maintain it is a “Retained Life Estate,” and can benefit you while you are alive because the fair market value of your property can be a tax deduction for up to six years.

How this Works

As the creator of a Retained Life Estate, you irrevocably deed your home to NYSARC and retain the right to live in it for the rest of your life, a term of years, or a combination of the two.

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. You immediately qualify for a federal income tax deduction, which can be taken over six years (limited to 30 percent of your adjusted gross income). Also, the estate would not be subject to estate taxes.

When your Retained Life Estate matures, NYSARC can then use your property or the proceeds from the sale of your property for the purpose both you and NYSARC have agreed upon.