Retained Life Estate
How It Works
- You transfer the title to your residence, farm, or vacation home to Montclair Public Library and live there for the rest of your life.
- 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 Montclair Public Library when your life estate ends.
- You can give us a significant asset but retain the security of using your property 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 OR you and Montclair Public Library may jointly decide to sell the property and prorate the sale proceeds.
- Frequently asked questions about Retained Life Estates.
- Contact us so we can assist you through every step.