(determining that estate of life tenant prevailed over remainderman
(27) Moreover, a lien will attach to a remainderman
's interest, even while the life tenant is alive.
You will recall that under the uniform basis rule that the tax law utilizes, the trust's basis in its assets is allocated between the income beneficiary and the remainderman
according to their actuarial interests, which change each year as the life expectancy of the life income beneficiary declines.
1981), addressing whether a remainderman
's claim for permissive waste can be barred by laches or estoppel, and notes on ameliorative waste and Baker); JOHN E.
Charitable organizations are sometimes willing to serve as trustee of a CRT if they are designated as the sole or majority charitable remainderman
. This can be convenient for the grantor, and may lower the cost to the donor of administering the CRT if the charity is willing to serve as trustee at no charge.
The other, more common type of trust is the nongrantor lead trust, where the remainder beneficiary is not the donor (usually a child or grandchild of the donor is named as the remainderman
The complex ownership structure was comprised of a ground lease with a remainderman
interest, a building leasehold position within a tax-sheltered limited partnership, mortgages collateralized by both the fee and leasehold interests, and the ownership of air rights that needed to be severed from the building and remain with Himmel + Meringoff as the seller, allowing us to transfer the air rights to another site at an undetermined future point in time.
* The charity, as tenant, trustee and remainderman
, never parts with control of the building;
National Westminster Bank,(16) the standard of prudence, even of a bank trustee, is "undemanding." The plaintiff, as remainderman
entitled to capital after the death of various life tenants, complained that the 1922 trust fund of 53,000 [pounds sterling] should have been worth either 1,800,000 [pounds sterling] or 1,360,000 [pounds sterling] (depending on the percentage of equities in the fund) in 1986 when she obtained the capital actually worth only 269,203 [pounds sterling].
If the trust is set up as a GRAT or a GRUT only the remainder is subject to gift tax without regard to the remainderman
Here, Richard is not a tenant for life of Bolingbroke's inheritance; nor is Bolingbroke, strictly speaking, a reversioner or remainderman
: he is, more simply, an heir whose inheritance has been "intercepted" by the king.(21) Other relationships that could give rise to an action in waste are suggestive of, if not exactly congruent with, the situation in Richard II.
Similarly, the charitable remainderman
qualifies for the estate tax charitable deduction.