that the remainderman
may not be bound by an order removing (or not
The first aspect of the rule, also referred to as the undivided fee rule, requires that property be valued as a whole rather than by the sum of the values of the various interests into which it may have been carved (such as lessor and lessee, life tenant and remainderman
, and mortgagor and mortgagee, etc.).
A life estate retained by a grantor in a deed entitles the grantor to remain in possession of the subject real property until his or her death and gives the grantee (a/k/a remainderman
) the grantor's remainder interest in the property.
In that ruling, the transaction was considered a gift of the remainder interest, under two separate theories: First, the commutation of the trust by dividing the trust property between the remainderman
and life beneficiary was a taxable disposition by the spouse of the qualifying income interest, resulting in a gift under Sec.
waiting would inure to the remainderman
."); see also Caterina,
The greater coordination between shared owners can be found both in the regulation of property whose current ownership is divided among several individuals and in the regulation of property whose ownership is divided over time, such as the relationship between a lessor and a lessee or a life tenant and a remainderman
. (137) The waste action is recognized as between co-owners and as between present and future interest holders, but almost never recognized between neighbors.
1910) ("One could scarcely be a remainderman
to his own life estate."), and Bragg v.
Their Lordships relied on Bouch v Sproule, (74) in which it was found that 'in the absence of a different intention evident in the trust instrument, the remainderman
was entitled to bonus shares, not the life tenant.' (75) Parsons noted that Blott was accepted by Dixon CJ in Federal Commissioner of Taxation v W E Fuller Pty Ltd as expressing the 'natural legal meaning' of income.
On the other hand, a party that has a right to trust principal after the interest of the income beneficiary terminates is called a "remainder" beneficiary or "remainderman
(24) The TP sold her life income interest to the remainderman
of the trust.
Using the income and death benefit guarantees of the annuity allow for a steady and potentially increasing income stream during the term of the CRT and guarantees an amount for the charitable remainderman
. However, this income will be taxed at ordinary rates and must be weighed against the potentially more favorable taxation to be realized using a traditional managed account.
Augustine's doctrine that will, reason, and memory as the interlocking qualities of the mind of God and that they directly correspond to the three persons of the Trinity, leaves a remainderman
of memory to the Holy Spirit.