This form is a Warranty Deed where the grantor(s) retains a life estate in the described property.
Life Estate Deed Nebraska With Powers
Category:
State:
Nebraska
Control #:
NE-SDEED-2
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Nebraska Warranty Deed For Parents To Child With Reservation Of Life Estate?
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FAQ
Gift Taxes: In most cases, no gift tax should be owed as a result of the creation of the Life Estate form. However, since you may be required to file a gift tax return, it is important to consult your accountant prior to filing your income tax return for the year in which the transfer was made.
When you create a life estate, a gift is automatically made to your children. The gift is known as the remainder interest. This gift disqualifies you for medical assistance (help with nursing home bills) for the then applicable "look back" period.
An interest in land that lasts only for the life of the holder. Thus, the holder of a life estate cannot leave the land to anyone in their will, because their interest in the land does not survive the person.
What does the Nebraska Transfer on Death (TOD) deed do? In Nebraska, the TOD deed will transfer the described property to the named beneficiary, subject to any liens or mortgages (or other encumbrances) on the property at your death without going through probate.
Pur autre vie (per o-truh vee) is a French legal phrase which means for another's life. This phrase is durational in meaning as it is another's life, not that of the possessor, that is used to measure the amount of time someone has a right to possess real property.
