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 periodicals archive ?
During the remainder of their trip, they will visit farms, factories and research centers in the Riverside area of Los Angeles, California, and Yuma city in Arizona.
For tax purposes, 80 to 100% of TPZ's 2017 distributions will be characterised as dividend income and capital gain, with the remainder, if any, as return of capital.
The new MP-12R promotes work efficiency for people who perform remainder calculations on a daily basis, especially those working in warehouses for logistics, manufacturing, wholesale, and retail businesses.
The remainder of the EMFF in England will be opened by the MMO increasing funding from 33 million to 46 million.
As Remainder develops, the protagonist expands his repertoire of reenactments to include a moment of romantic betrayal, a neighborhood shooting, and, climactically, a bank robbery.
The Tax Court held that the remainder interest for a net income with makeup charitable remainder unitrust (NIMCRUT) must be computed using an annual distribution amount equal to the greater of 5% of the net fair market value (FMV) of the trust assets or the fixed percentage defined in the trust instrument.
This article discusses the criteria to identify excess land and formulates a framework for examining the potential discount or premium of the market value of excess land and remainder tract relative to its sum of the parts.
Over the past few years, improving stock market conditions, rising income tax rates and a growing number of baby boomers seeking ways to supplement retirement income have contributed to a resurgence in the use of the charitable remainder trust (CRT).
By a remainder of a Tychonoff topological space G, we mean the subspace bG \ G of some compactification bG of G.
THE DONOR'S CHARITABLE CON1 RIBU I ION FOR funding a charitable remainder annuity trust (CRAT) is the value of the property placed in the CRAT less the present value of the CRAT's annuity payments.
The remainder of the road surface was not replaced.
The method will allow the remainder beneficiaries to reduce the trust assets to as close to zero as possible by the end of the trust term, as the grantor intended.