Life Estate Grant For College
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FAQ
Assets that are not counted by FAFSA when determining your SAI include: 401(k) and Roth and traditional IRA accounts (though withdrawals from Roth IRA accounts will be counted as untaxed income) Cash values of whole life insurance policies and qualified annuities. SIMPLE, KEOGH, and pension plans.
An additional potential problem with a Life Estate is that it does not offer creditor protection to the beneficiary, so if the heir has a debt or is sued, the creditor or court can come after the house. As you can see, a traditional Life Estate has the potential to create major conflict within a family.
In effect, a life estate splits ownership of a property between the present and future interests. As such, it is an asset and must be reported as an asset on the Free Application for Federal Student Aid (FAFSA).
Removing a Living Person from a Life Estate If someone (an owner) is alive, they cannot be ?removed? from a deed. Further, a co-owner cannot remove the interests of other owners in an estate by executing a new deed without their consent. There is no direct or indirect way to eliminate any of them from a title.
When the life tenant dies, the remainderman typically receives a step-up tax basis in the property. This means the remainderman takes ownership of the home at its fair market value at the time of the life tenant's death. This can save the remainderman capital gains tax when the property is sold.