Life Estate

A life estate is created when you make a charitable transfer of ownership of a personal residence or farm during your lifetime to PETA while maintaining a life interest in the property. In other words, you contribute a remainder interest in your property to PETA, thereby ensuring that PETA will take possession of the property upon your passing, while reserving your right to live in and use the property, as you have always done, for as long as you live.

The property must be a “personal residence” or a farm and can be a primary residence or one that is used as little as a few weeks per year, such as a vacation home. The process is a simple one that is accomplished through a remainder deed and an agreement that outlines your and PETA’s responsibilities for the property’s ongoing and capital expenses (you will continue to be responsible for the property’s ongoing expenses, such as property taxes, insurance, and maintenance costs).

The following are the benefits of a life estate:

• You can make a significant gift of your home while maintaining the right to live there.
• You may receive a charitable deduction in the year that your gift is made for the value of the remainder interest (you would need to obtain an independent appraisal of the property in order to claim the deduction).

To request further information from PETA, please click here.