Retained life estate

With a retained life estate, you'll designate Drayton Hall as the owner of your home but maintain full use and rights to your home during your life. In fact, you can even create a retained life estate so that your spouse or another loved one can live in your house for the rest of his or her lifetime. In addition, you retain the right to rent your home or make improvements to it, and you continue to have responsibility for maintenance, insurance and property taxes.

In doing so, you'll receive a sizeable income tax deduction in the year that you make the gift. Drayton Hall would then receive your property after your lifetime.