Gifts That You Retain the Right to Use
You may give real estate (such as your residence or farm) to Westminster College and retain the right to use the property during your lifetime.
Retained Life Estate
With a life estate agreement, you can make a gift of your home or farm while retaining the security of knowing that you may live there as long as you wish.
The benefit is you receive a sizable income tax deduction now to offset current income taxes.
Since you continue to use the property, you also continue to pay taxes, insurance, and maintenance costs on the property for life. After you die, Westminster College receives the property. As with all real estate gifts, a qualified appraisal and an environmental assessment are required.
Retained Life Estate Benefits
- Current income tax deduction
- Property not included in taxable estate
For more information, please contact the Office of Development at 573-592-5370 or 888-687-9266.