A gift of real property with a retained life estate involves the transfer of the title to a personal residence or farm to the Foundation whereby the donor or another person retains use of the property for a term of years or the life/lives of the donor and/or another person.
Such gifts are subject to both the general conditions and the guidelines of outright gifts of real estate.
The agreement creating the life interest must provide that the donor and/or life tenant shall remain responsible for the payment of mortgages, taxes, insurance (property insurance with the Foundation as loss payee, general liability insurance with the Foundation as additional insured and other appropriate insurance as determined by the Foundation), utilities, maintenance, repairs and all other costs associated with the property, unless other specific provisions are made for the payment of these expenses. Proof of payment for applicable items and certificates of insurance may be required by the Foundation as appropriate. Donor(s) shall not violate or allow to be violated any environmental laws or ordinances covering this property.