life estate

(Law) property that may be held only for the extent of the holder's lifetime

Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014

ThesaurusAntonymsRelated WordsSynonymsLegend:

Noun

life estate - (law) an estate whose duration is limited to the life of the person holding it

estate for life

law, jurisprudence - the collection of rules imposed by authority; "civilization presupposes respect for the law"; "the great problem for jurisprudence to allow freedom while enforcing order"

estate - everything you own; all of your assets (whether real property or personal property) and liabilities

dower - a life estate to which a wife is entitled on the death of her husband

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References in periodicals archive

Le Caer held a life estate, valued at $495,000, that was designed not to qualify for the QTIP deduction.

Estate must reduce its credit for tax on prior transfers

And they didn't establish a life estate or a trust so that Ms.

She's neither a borrower nor a lender

To provide clarity about the inclusion of the most common trust arrangements in a grantor's gross estate when there is a retained life estate. Treasury issued TD.

Inclusion of certain trusts in a decedent's gross estate under Sec. 2036

Meints often prefers the technique to, say, conveying the property to the desired beneficiaries while reserving a life estate, because "[a] life estate will not exempt [the remainder property] from the husband's and wife's creditors' claims.

POD and TOD accounts and your estate-planning arsenal: payable/transfer-on-death accounts are handy probate-avoidance tools that can even be used to transfer real estate. Or can they?

Crucially for our purposes, Merryman restates this "intention approach" in terms reminiscent of section 140 of the Restatement of Property: the grantor must be assumed to have intended "that the tenant be allowed to use land in a reasonable manner to accomplish the purpose of his tenancy." (33) Conversely, the grantor must have intended for the subsequent interest holder to receive his or her land at the end of the life estate, not in an unaltered state, or even in a state with equivalent or enhanced market value, but only "substantially undamaged" by the use and enjoyment of the life tenant.

Doctrines of waste in a landscape of waste

CHARITY STARTS AT HOME A longtime donor who wishes to remain anonymous blazed a trail by establishing a life estate with the donation of his Siesta Key condominium, which he will enjoy inhabiting for the rest of his life and which then will provide ongoing funding to several charities of his choice.

Strategies for giving: you can give in a world of ways, as these Sarasota donors discovered

121 Apply to the Sale of a Life Estate in One's Primary Personal Residence?

Practical tax tips: pension plans, "trading" partnerships, reviewing tax forms and more

Commonly, an income interest terminates at the death of the beneficiary; this is referred to as a "life estate".

Where there's a will, is there really a way?