It does provide, however, that a life estate
is excluded as an available asset.
One can, for example, deed one's farm or home to a charity while retaining a life estate
in that property and getting an income tax deduction for the actuarial value of the charity's remainder interest.
Once the details are worked out, the state and county will sign a purchase agreement banning clear-cuts and dune buggies on the property and granting a life estate
to John Warwick, the man who lost much of the 80 acres in foreclosure.
You may also support your favorite charitable organizations by contributing your home while reserving a life estate
Jerome Ira Solkoff of Deerfield Beach was recently cited in a Sun-Sentinel article in regard to a form of life estate
deed he created.
Typically there are three types of upfront fees: conventional purchase involving fee simple ownership, cooperative or condominium owners paying a one-time fee similar to the conventional home purchase, and the life estate
or master trust concept requiring the resident to pay an upfront fee in an amount similar to fee simple purchase.
1) With respect to interests in land, for example, the basic forms are the fee simple, the defeasible fee simple, the life estate
, and the lease.
Although the property is included due to the "retained life estate
,"  an offsetting estate tax charitable deduction is allowed.
Creating a Charitable Remainder Unitrust or Annuity Trust, a Pooled Income Fund, a Charitable (Lead) Trust, a Life Estate
or bank deposit that eventually directs all or a portion of the principal to the Endowment Fund.
A life estate
would give your daughter partial ownership of the house and the right to live there until she dies.
The valuation of a life estate
requires appraisal of the fee simple estate and the determination of the expected life of the life estate
holder using actuarial tables.
Contract award: providing electronic banking services for the use of the right to benefits for student life estate