Secured Real Property For Life
Description
How to fill out Loan Application - Review Or Checklist Form For Loan Secured By Real Property?
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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.
Is a Remainderman a Beneficiary? Yes. A remainderman is considered the beneficiary of a life estate and stands to inherit any remaining property after the life tenant's death.
A life estate is held only for the life of the grantee and cannot be inherited as it automatically reverts to someone else upon the grantee's death. While a life estate ends upon the death of the grantee, a life estate pur autre vie ends upon the death of a person other than the grantee.
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.
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.
