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 ?
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.
A Tychonoff space X is of countable type if and only if the remainder in any (or some) Hausdorff compactification of X is Lindelof.
The second gift is the remainder interest (the trust corpus) to his son, Tom.
DURING LIFETIME the grantor, after establishing a charitable remainder trust, gives property to the trust while retaining a right to payments from the trust.
72-419 (1) (undivided 20% remainder interest which was the donor's only interest in the property).
1 : a group or part that is left <She took the remainder of the cake.
One solution is to have the taxpayer gift a remainder interest in the home to a qualified Sec.
Estate planners have several tools and techniques to help clients meet their tax and non-tax planning needs, including the charitable remainder unitrust, or CRUT.
While securities, IRAs and fixed instrument investments continue to be the most common types of assets donated philanthropically to charitable remainder trusts, the amount of real estate donations has been increasing given that both commercial and residential property has experienced dramatic appreciation nationwide over the past few years.
Except as provided in paragraph (e)(2) of this section (relating to sales or exchanges of remainder interests), a taxpayer may apply the section 121 exclusion to gain from the sale or exchange of an interest in the taxpayer's principal residence that is less than the taxpayer's entire interest if the interest sold or exchanged includes an interest in the dwelling unit.
Charitable remainder unitrusts remained especially popular (75.