Co-owners who share interests in time (life tenants and remainderman), unlike co-owners who share present interests, may not partition life estates.
Devise and Descent, Life Estates and Remainders--The rules regarding devise and descent of transfer restricted homestead do not apply to life estates because life estates end at the death of the life tenant; thus, there is no interest for the life tenant to devise or pass along.
1) With respect to interests in land, for example, the basic forms are the fee simple, the defeasible fee simple, the life estate, and the lease.
32) There are five general types of present possessory interests: the fee simple absolute, the defeasible fee simple, the fee tail, the life estate, and the lease.
P transfers a remainder interest in the house to his children, S and D, and retains a life estate
By setting up a qualified subchapter S trust (QSST) the ownership of S stock may be divided into a life estate
and a remainder.
The court declined to extend the doctrine of acceleration to the situation of a life estate
created by operation of the homestead laws.
2013, notwithstanding that such interest will not be included in the transferee's estate tax return (since, by definition, a life estate
terminates at death).
When valuing life estates
(or remainders), the value of the interest is determined (as of the date of the transferor's death) on the basis of recognized valuation principles.
2013-4(a) provides that, in the case of life estates
, remainder interests or other limited interests in property, recognized valuation principles are to be applied as of the date of the transferor's death.
120] which held that a will settlement extinguishing intervening life estates
with a nonqualifying remainder interest to charity, followed by a lump-sum cash payment to the life tenants and the charities, did not result in the disallowance of the charitable deduction.
To the life estate
we might add the concept of a joint tenancy, in which each tenant (or human) "owns" the whole, but has no rights to give to heirs.