Retained Life Estates

Here's how it works...

With a Retained Life Estate you can donate your house to Seton Hall Prep, and you and your spouse can live in the house for the rest of your lives!

This gift arrangement allows you to donate a personal residence, such as a primary home or vacation property, while retaining the right to live on and use the property. When you make the gift, you keep the right to use the property for the rest of your life, a term of years, or a combination of the two. In exchange for a gift of your remainder in the property, you receive an income tax reduction.

This creative gift plan transfers ownership of your house to Seton Hall Prep, but reserves a lifetime tenancy to you. You can make a significant gift to SHP with one of the most valuable assets you hold, yet not disturb your living arrangements or your cash flow.

You transfer the title to your residence or vacation home to Seton Hall Prep 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 SHP when your life estate ends.

Benefits

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 SHP may jointly decide to sell the property and divide the sale proceeds.
You can designate your gift for any department, program or fund at SHP that you wish to support!

More details on how a Retained Life Estate Works...

You deed the residence to Seton Hall Prep, reserving the life tenancy for yourself.
You will continue to be responsible for the house’s ongoing taxes, structural maintenance and upkeep. Also, we mutually agree up front about what we will do if you no longer wish to live in the house after you have donated it to The Prep, or if you become physically unable to continue living there.
Your gift will provide you with a charitable income tax deduction, based on the fair market value of your house minus the present value of the life tenancy you have retained.

Additional Points to Consider...
With all gifts of real estate, we must review and approve the transfer. You will need to secure a qualified appraisal of your home to establish its value for the deduction. If there is a mortgage or lien on your home, it will complicate the transfer to us and could result in taxable income to you. Your exact benefits will depend on the value of property you are contributing, its condition, your age, and other factors. Let us show you how you can take advantage of a retained life estate.

Is This Gift For You?

A retained life estate is for you if:

• You want to use your residence to make a gift to Seton Hall Prep, but don't want to move out.
• You are willing to deed your primary home or a vacation property to The Prep, if you can continue to live there rent-free.
• You can continue to maintain your home.
• Your home is not subject to a mortgage or other obligations.

Monsignor Daly was a teacher, a counselor, and the Assistant Headmaster at Seton Hall Prep from 1946- 1967. He led the way by making a lasting impact on the lives and the future of countless young men.

Members of The Msgr. William J. Daly ‘38 Planned Giving Society share a common vision of providing an exceptional catholic education to future generations of young men. Members thoughtfully choose to express their commitment to The Prep in their estate plans.

Please allow us to thank you!

We would like to thank you for your generosity by including you in The Msgr. William J. Daly '38 Planned Giving Society, so if you have made provisions in your estate for a gift to Seton Hall Preparatory School, you can let us know in two ways:

Complete our online Estate Gift Confirmation Form

Print and complete the PDF Version of our Estate Gift Confirmation Form, and return it to Seton Hall Prep by e-mail or mail at advancement@shp.org or by USPS to:

Seton Hall Prep

Attn: Msgr. Michael Kelly

120 Northfield Avenue
West Orange, NJ 07052

If you are comfortable sharing any documentation of your estate gift, please include it with the form to enable us to more effectively steward your gift. The particular details that you provide on these forms, as well as any additional information that you choose share with us, will remain confidential.