A gift plan under which the donor donates a personal residence (including a vacation home) or farm to charity but retains the right to life enjoyment. A life estate may be retained for one or more lives or it may be retained for a term of years. All routine expenses, such as maintenance fees, property taxes, and repairs, are the responsibility of the donor. The donor receives an income tax charitable deduction in the year of the gift for the present value of the charity's remainder interest, as well as estate tax benefits. Also called a Retained Life Estate.