Retained Life Estate
How it Works
- You transfer your residence, farm, or vacation home to the Cortland College Foundation subject to a life estate.
- You continue to live in the property for life or a specified term of years, and continue to be responsible for all taxes and upkeep.
- The property passes to SUNY Cortland through the Cortland College Foundation when your life estate ends.
Benefits
- You can give us a significant asset, but retain the security of using it for the rest of your life.
- You receive 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 may receive an additional income tax deduction.
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