remainder


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remainder

An estate in property that takes effect at the termination of a life estate.One may transfer property to another for their lifetime or for the lifetime of a third party.The named person who defines the duration of the life estate is called the measuring life.The person who has the life estate is called the life tenant.When the measuring life ends,even if the life tenant is still alive,the person who owns the remainder is entitled to the full possession and enjoyment of the property.The interests may be contingent remainders, vested remainders, or vested remainders subject to divestiture. The rules of construction are complicated.

Example: A clause in a will leaving property to an only child for life, and then the remainder to grandchildren alive at the time of the child's death, creates a contingent remainder in the grandchildren until they are born, and then vested remainders as they are born, but subject to divestiture if they die before their parent, the testator's child. One should seek legal counsel well versed in specialty real estate law if setting up or interpreting life estates and remainders.

References in classic literature ?
cried Middleton; "did you not say, Inez, that this excellent young woman was to accompany us, and to live with us for the remainder of her life; or, at least, until she found some more agreeable residence for herself?
Jingle uttered a patronising 'Hear, hear,' which was responded to by the remainder of the company; and the glasses having been filled, the vice-president assumed an air of wisdom in a state of profound attention; and said--
Here the little man ceased, and here the company commenced a raising of voices, and thumping of tables, which lasted with little intermission during the remainder of the evening.
But, laws bless you, take the dog, and go and hunt his remainders.
The government pointed to the statute's plain language that allows no deduction for a transfer to a charitable beneficiary where an interest in the same property also passes to a noncharitable beneficiary, except in the case of a charitable remainder annuity trust, charitable remainder unitrust or a pooled income fund.
Gifting a remainder interest requires the property ownership to be divided into two separate interests: a life estate and a remainder interest.
While charitable lead trusts (CLTs) first make a stream of payments to one or more charitable beneficiaries, then leave remaining trust assets to non-charitable beneficiaries, charitable remainder trusts (CRTs) do the opposite.
Those looking to shrink their real estate holdings, rather than trade into another property using tax-free methods of transfer such as a 1031 exchange, have identified charitable remainder trusts as a way to divest themselves of real estate without paying the capital gains tax while also simultaneously donating to a charity.
Of the total net income reported by charitable remainder annuity and unitrusts, net long-term capital gains was the largest component (83.
But his doctors have recommended Franchitti miss the remainder of the season to have surgery on his back.
In a remainder trust, the contribution goes to an irrevocable trust and the donor retains either an annuity interest, in which the percent is determined at the creation of the trust, or a unitrust interest, in which the payout is calculated annually.
Historically, black booksellers were often not in a position to take advantage of this market because they could not buy in the huge quantities needed to buy remainders directly from publishers and remainder dealers carried few black interest titles.