Retained Life Estate
Give your home, yet reside there for life. If you create a retained life estate, your home can become a valued gift to the Lucile Packard Foundation for Children’s Health -- even while you, your spouse, or other survivor are still living in it.
What to know:
- You will qualify for an immediate charitable deduction.
- You can remain in your home without changing your lifestyle.
- You retain the right to rent your home or make improvements to it. You continue to have responsibility for maintenance, insurance, and property taxes.
Frequently Asked Questions
How does a retained life estate benefit Lucile Packard Children’s Hospital Stanford or the child health programs at Stanford University School of Medicine?
At the end of your lifetime, we will receive your property with rights to immediately use it. Typically, we sell the property and use the funds to benefit the hospital or the child health programs at Stanford.
Are there any special considerations when making a gift of a retained life estate?
Yes. Prior to any property transfer, you will need to have the Foundation review whether or not your property can be accepted. Another major consideration is whether or not there is a mortgage or lien on the property. Finally, you will need to receive an independent appraisal of the property for tax reporting purposes. To discuss these or any other considerations regarding a retained life estate, please contact us.
The Foundation retains the right to refuse real estate gifts.
The Lucile Packard Foundation for Children’s Health is a tax-exempt organization and does not provide tax, legal, or financial advice. Any document or information provided to you by our staff is intended to be educational and informational. The Lucile Packard Foundation for Children’s Health strongly encourages all of our donors to seek counsel from their own legal and financial advisors. Please know that any information or documents shared by the development staff cannot be used to avoid tax-related penalties.