Retained Life Estate
Retained Life Estate
The donor transfers real property to a charity and retains the right to live on the property together with all the responsibilities for the property. In other words, nothing changes until the donor dies. The donor receives an immediate income tax deduction for the remainder interest in the property and also does not have to pay capital gains tax on any appreciation of the property.
Outright Gifts
For the highest income tax benefit, appreciated assets are usually donated. This avoids capital gains tax on the appreciated value of the property. There are limits on how much may be deducted in one taxable year.
Bargain Sale
Instead of having a garage or other sale, sell the property to a charity for less than its market value. Deduct the difference from your income as a charitable contribution, again subject to certain limitations.
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| Areas of Practice: |
Bankruptcy
Business Organizations
Business Torts
Commercial Law & Contracts
Debtor/Creditor
Intellectual Property
Mergers & Acquisitions
Science, Computers, & Tech
Wills & Trusts
Estate Planning In San Jose |
| About Us: |
We take pride in providing personalized legal services for your individual or business needs. Our practice includes: business start up and funding, business buying and selling, business succession planning, business reorganization, estate planning, power of attorney, end of life decisions, lawsuit protection and debt settlement or consolidation. We are also intellectual property attorneys with experience in electrical, software, mechanical and biotech technologies.
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