Retained Life Estate
A Retained Life Estate allows you to donate your residence, vacation home, or farm to Washington State University while retaining lifetime use of your property. This is an especially effective gift for those age 75 years or older.
How a Retained Life Estate Works
You deed your personal residence, vacation home, or farm to the WSU Foundation.
You retain use of the property and enjoy it for as long as you live.
You continue to care for the property and pay the taxes and insurance.
You receive any income the property generates.
You realize an immediate charitable income tax deduction and avoid capital gains tax on appreciation of the property.
You reduce the size or your estate.
You designate the proceeds from the eventual sale of your property to your favorite WSU priority.
You become a member of the Legacy Associates and can be recognized for your gift to WSU.
Creating a Retained Life Estate Gift
You or your advisors contact the WSU Foundation's Gift Planning Office to discuss your philanthropic goals, the property you wish to transfer to Washington State University, and the WSU Foundation's procedures for accepting your gift.
The Gift Planning team illustrates the benefits of your gift.
You obtain a qualified appraisal of the property.
The WSU Foundation obtains a Phase I Environmental Assessment and a preliminary title report.
The WSU Foundation prepares the Deed, Life Tenancy Agreement, and Gift Use Agreement for you to review with your advisors.
The gift is complete when the WSU Foundation receives the signed Deed and Life Tenancy Agreement.