life estate


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life estate

n
(Law) property that may be held only for the extent of the holder's lifetime
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.life estate - (law) an estate whose duration is limited to the life of the person holding it
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
References in periodicals archive ?
What are the values of the life estate and the remainder?
Le Caer held a life estate, valued at $495,000, that was designed not to qualify for the QTIP deduction.
And they didn't establish a life estate or a trust so that Ms.
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.
The first kind of exception applies (1) where a donor gratuitously transfers property within three years of death but retains an interest in that property described in IRC Section 2036 (transfer with a retained life estate), IRC Section 2037 (transfer taking effect at death with reversionary interest retained), IRC Section 2038 (transfer with power retained to revoke or amend), or IRC Section 2042 (incidents of ownership in insurance on life of donor), or (2) where a donor transfers property subject to such a retained interest more than three years before death, but relinquishes that interest within three years of death (see Q 852(4), (5), (6), (10)).The bringback rule applies to these transfers whether or not a gift tax return was required to be filed.
Pacific Life Estate Preserver III Lifetime Death Benefit Guarantee; Return of Premium Option
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.
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.
The first class of exceptions to the general rule is a transfer of an interest in property which is included in the value of the gross estate under IRC Section 2036 (transfer with retained life estate), 2037 (transfer taking effect at death), 2038 (revocable transfer), 2042 (life insurance), or would have been included under any of such sections if such interest had been retained by the decedent.
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.
121 Apply to the Sale of a Life Estate in One's Primary Personal Residence?
Commonly, an income interest terminates at the death of the beneficiary; this is referred to as a "life estate".