South Carolina Bill of Sale of Personal Property - Reservation of Life Estate in Seller
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FAQ
A property owner can reserve a life estate and grant a remainder interest giving the remainderman possession when the owner diesallowing the property to bypass probate. South Carolina does not recognize transfer-on-death (TOD) deeds.
Key Takeaways. A life estate is a type of joint property ownership. Under a life estate, the owners have the right to use the property for life. Typically, the life estate process is adopted to streamline inheritance while avoiding probate.
A property owner can reserve a life estate and grant a remainder interest giving the remainderman possession when the owner diesallowing the property to bypass probate. South Carolina does not recognize transfer-on-death (TOD) deeds.
Advantages of a Life Estate No probate proceeding will be required to transfer title. The transfer/gift of the property to the persons who are deeded the property is a completed gift/transfer.
Life estate consThe life tenant cannot change the remainder beneficiary without their consent.If the life tenant applies for any loans, they cannot use the life estate property as collateral.There's no creditor protection for the remainderman.You can't minimize estate tax.More items...
Under a life estate deed, however, the remainder owner's tax basis is the value of the home at the time of the life tenant's death (a stepped-up basis), greatly reducing or even eliminating any capital gains tax consequences of future sale of the property. Medicaid Exemption After Five Years.
The legal term "pur autre vie" means "for the life of another" in French and when used in property law refers to a life estate that a grantor bestows on another person, known as a life tenant, who can hold and use an estate, often a family residence, during the life of third person.
Life Estates are simple and inexpensive to establish; merely requiring that a new Deed be recorded. Life Estates avoid probate; the property automatically transfers to your heirs upon the death of the last surviving Life Tenant. Transferring title following your death is a simple, quick process.
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.
