Bicentennial Campaign Life Estate A gift by life estate most commonly involves real estate. If the donor has a spouse, the donor may have the life estate last for two lives.
Most attorneys are familiar with life estates.
Life estates have been an estate-planning tool for approximately 400 years. An independent appraisal of the property must occur to assign value for income tax purposes. Tests may be necessary prior to completion of the gift to determine if property has any defects that could affect its value or marketability. The Ohio University Foundation Board of Trustees must approve all gifts of land prior to completion of the gift.