86) Thus, courts confronted with an instrument purporting to create a "lease for life" have typically asked which common-law box best matches the grantor's intentions: a life estate
or a tenancy at will.
In this case, if D predeceases C, he must include the entire trust corpus, reduced by the present value of C's life estate
A co-owner with a life estate
is able to take advantage of the SOH tax cap, as long as he or she qualifies for the homestead tax exemption.
The totality of what the dependent has been given by the deceased and otherwise has access to, such as a life estate
in a home, specific inheritances, life insurance pay-outs, and monthly income will all be considered by the court to determine whether his or her share of the estate should be increased on the basis of the dependent's needs.
The sale of the Vested Remainder Interestin a Life Estate
for the property located at 313 East 18th Street in Gramercy Park for $900,000 cash.
Here's the abuse they saw: Wealthy families were going to estate planners who created a life estate
in their assets for their kids, followed by a life estate
in the assets for their grandkids, followed by a life estate
in the assets for their great-grandkids and so on.
Gifting a remainder interest requires the property ownership to be divided into two separate interests: a life estate
and a remainder interest.
One other difference pertains to the usage of Life Estate
By ensuring that the values exchanged are equal for tax purposes, any retained life estate
problem is avoided.
Real estate can be given to charities via: Outright Gift, Charitable Remainder Unitrust, Charitable Gift Annuity, Retained Life Estate
, Bargain Sale or Outright Bequest.
in the case of a life estate
in the residential realty a retained right of possession or engagement would then exist.
But a terminable interest, such as a life estate
in a trust created by someone other than the person receiving it, generally does not qualify.