67) The dissent asserted that without the admission of additional evidence, it was uncertain whether James intended to devise his property in fee simple to Sandra or if James intended to devise a life estate
with his daughters as remaindermen.
These real property tax exemptions will not, however, be lost if the home is transferred subject to a retained life estate
of the transferor who resides in the house and meets all the relevant requirements.
Gerrish's life estate
severely limited the ability of the estate to make a return on its asset.
27) Similarly, money used to purchase life estates
was not considered a countable asset because the purchase of life estates
was not mentioned in Title XIX prior to the DRA.
In the event I cannot continue to occupy my personal residence for good reason and decide to sell my life estate
interest, the charitable organization must also sell its remainder interest.
Because the parents had reserved to themselves a life estate
, remainder to the son, the effect of frustration would be to reconvey the remainder interest to the mother (the surviving parent); in effect, the farm would return to the parents.
In another matter, the committee said, a judge, who is named a trustee of property devised to him and his wife as a life estate
, can serve as trustee of that property.
A life estate
would give your daughter partial ownership of the house and the right to live there until she dies.
By setting up a qualified subchapter S trust (QSST) the ownership of S stock may be divided into a life estate
and a remainder.
If there are descendants of the decedent, the spouse receives a life estate
in the protected homestead, with the remainder going to the decedent's descendants.
The Proskauer team prevailed on grounds that the matter involved a life estate
in real property, not a landlord-tenant or leasehold relationship.
What are the values of the life estate
and the remainder?