Life Estate Deed Template With Calculator
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FAQ
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.
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.
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.
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).
To determine the value of a life estate: First, find the line for the person's age as of the last birthday. Then, multiply the figure in the life estate column for that age by the current market value of the property.