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.
36) Indeed, like so many of his generation, Merryman was troubled by the decision in Brokaw precisely because of the court's failure to consider the compelling change in circumstances that the life tenant
pointed to as a justification for the proposed demolition of the Brokaw mansion and its replacement with a modern apartment building.
The set of alternative remainder interests would still control the distribution of corpus, but only to the extent that the life tenant
does not exercise the power.
1993) (deed by life tenant
can convey only life estate, even if it purports to convey fee simple); ITT Rayonier, Inc.
Further, if the costs of the life tenant
are becoming too burdensome, and if there are not additional estate planning benefits to depleting the surviving spouse's assets, then cooperative families may make adjustments for one another.
This criticism is equally applicable to section 2-707, which provides that a remainder "to B if B survives A" goes to B's descendants if B dies before A, unless there is an express gift over to a specified person who survives the life tenant
Trust deemed created due to improper transfer to life tenant
130) the mortality tables were also ignored for the value of a charitable remainder contingent on the life tenant
's not having any issue, when the life tenant
had undergone a hysterectomy and was incapable of bearing children.
57) Landlords served instead as life tenants
who, while making formal financial provision for younger children and prospective widows, preserved their estates for their eldest sons and grandsons.
The majority of life estates will run until the life tenants
die, in which case the remaindermen will succeed to the entire interest in the property.
The charity is then obligated to sell the property at its appraised fair market value within a specified period while the life tenants
remain in residence pursuant to the retained life estate.
A similar result occurred in IRS Letter Ruling (TAM) 9207003,(110) in which a timely filed estate tax return contained a recapture agreement that had been signed by all parties, except one of the life tenants