Deed Reserving Life Estate With Warranty
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FAQ
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.
Upon the life tenant's death, the remaindermen receive what is known as a "stepped-up" basis in the property. This means the property's tax basis is its fair market value at the time of the life tenant's death, not the value at which the life tenant originally purchased the property.
A life estate is a form of ownership that allows one person to live in or on a piece of real property until they pass away. At their death, the real property passes to the intended beneficiary of the original owner.
A life estate is a property interest that limits itself by the tenant's lifetime. In other words, the life tenant holds the right to use and occupy the property for their lifetime, after which the remainderman takes possession.
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.