How it works
- You transfer your residence, farm, or vacation home to OLT subject to a life estate.
- You continue to live in the property for life or a specified term of years, while continuing to be responsible for all taxes and upkeep.
- The property passes to OLT when your life estate ends.
- You receive gift credit and an immediate income tax deduction for a portion of the appraised value of your property.
- You can terminate your life estate at any time and take an additional income tax deduction.
- You have the satisfaction of making a significant gift now that benefits OLT later.