Retained Life Estate: Further Considerations
The term “retained life estate” describes a gift of your home or other property where you still retain the right to use it during your lifetime. Under a “retained life estate” you are entitled to a charitable deduction as well as usage benefits during your life. After your lifetime, the property is fully controlled by the church.
Note that only a portion of the value of the property merits a charitable deduction in the year of the gift. The exact deduction depends upon the value of the property and the age of those who will be given life use of the property.
You continue your responsibility for financial and physical maintenance of the property, including property taxes and insurance.