Support & Involvement > How to Give > Planned Giving > Retained Life Estate

A retained life estate is a good way for friends or alumni/ae of Louisville Presbyterian Seminary to give their personal residence or farm and retain the right to live in it for live or for a term of years or both. The right to live in the residence or on the farm could also extend to the spouse or other beneficiary as well. By establishing an arrangement like this, the donor's residence or farm is deeded irrevocably to Louisville Presbyterian Seminary.

The residence may be a vacation home and does not have to be the donor's principal residence. A farm is land used by the donor or the donor's tenant to produce crops or other agricultural products or raising livestock.

While the donor continues living in the residence, the donor continues to be responsible for all maintenance and related expenses, including insurance and taxes.

Benefits to the donor include:

1. The opportunity to make a sizeable contribution to advance Louisville Presbyterian Seminary's mission;
   
2. Avoiding capital gains on the appreciation provided there is no indebtedness on the property;
   
3. Donor receives an income tax charitable deduction in the year of the gift and may carry over any unused portion for up to five additional years;
   
4. Possible estate tax savings;
   
5. Avoiding probate and estate administration expenses;

Seminary policy requires that all donors and beneficiaries be at least 50 years of age.

For more information about retained life estates, please contact Don Ragsdale.