Wisconsin Life Estate With Powers
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FAQ
A life estate is created when a property holder transfers ownership of the property to someone else and retains the right to live on the property and the income from it. The new owner of the property is referred to as the remainder person.
What are the pros and cons of life estates? Avoid probate. Possible tax breaks for the life tenant. Reduced capital gains taxes for remainderman after death of life tenant. Capital gains taxes for remainderman if property sold while life tenant still alive. Remainderman's financial problems can affect the life tenant.
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.
In addition, life estates allow the owner to control the property in all respects, except that they cannot sell or mortgage the property without the consent of their heirs. If created in a timely manner, a life estate can even help its creator qualify for Medicaid assistance.
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).