Changing a Life Estate

When you arrange a retained life estate to benefit Gustavus Adolphus College, you retain the right to live in your home for the rest of your life. But what if something changes over the years and you no longer want to live there?

If this happens to you, there are several solutions:

  • You and Gustavus Adolphus College can agree to sell the property and divide the proceeds in proportion to our separate interests.
  • The property can be rented, providing you an income.
  • We could purchase your remaining life estate from you, thereby giving you cash for the rest of your property.
  • You can relinquish the life estate, providing you with more tax benefits and allowing us to take possession of the property now.
If you're considering this type of gift, we are happy to work with you and your professional advisors to ensure the gift meets your needs and ours. Please contact Jackie Peterson at 507-933-7543 or jpeters9@gustavus.edu with any questions.