Life Estate In Iowa Formula
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FAQ
A life estate is created when a property owner deeds property to another person but first reserves a life estate for a third party. The recipient of a life estate (known as the "life tenant") has full possession of the property for the duration of the tenant's life.
To determine the value of a life estate, multiply the real value by 6%, then multiply this product by the annuity dollar at the nearest birthday of the owner of the life estate (see table below).
For example, a deceased homeowner may bequeath the family home in a life estate to their spouse, but name their children as remaindermen. This arrangement ensures the spouse will continue to have a home, and that it will ultimately be inherited by their children.
For example, A grants her brother B the property deed for life, and upon B's death, the land deed to C, B's son, or C's offspring if he does not live. C holds a remainder, and his offspring will inherit a "contingent remainder" if C dies before the title passes.
A remainder interest is the right to use, possess, or enjoy property when the prior interest (term or life) ends. Mathematically, the value of a remainder interest is found by subtracting the present value of the prior interest from the entire fair market value of the property.