Gift of Personal Residence or Farm with Retained Life Estate

How It Works

1. Transfer title to personal residence or farm to NJIT
2. No change in your lifestyle—you (and spouse) occupy and enjoy residence or farm for life
3. NJIT keeps or sells property after your death(s)

Benefits

• No out-of-pocket cost for substantial gift to NJIT
• Federal income-tax deduction for remainder value of your residence or farm
• You (and spouse) can occupy residence for life