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Commonly Asked Questions about Life Estate Warranty Deed

Life estate cons Theres no creditor protection for the remainderman. Since they own an interest in the property, if theyre sued or owe a debt, the creditors can place a lien on the property. You cant minimize estate tax. The propertys fair market value is included in the life tenants taxable estate once they die.
The person with the right to use the property is a life tenant. The individual with a future right is called the remainderman. Once the life tenant passes away, the remainderman owns the property outright.
Life Tenant Is Alive: When the property is sold before the life tenant dies, then there is no step-up in basis and capital gains are paid based on the original purchase price of the property with adjustments for improvements, etc. that havent been deducted.
While both the life tenant and the remainderman hold legal ownership interests in the property, they do not jointly own it as tenants in common or joint tenants do. Instead, the life tenant possesses the legal right to live on and use the property for their lifetime.
As the life tenant, you may not easily sell or mortgage a property with a life estate interest. The remaindermen must all agree in order for you to sell or borrow against the property.
Its important to fully understand the following risks: Limits on Life Tenants ability to sell or mortgage the property. Removing a Remainderman is difficult. A Remaindermens problems can become your problems. Medicaid Complications. Nursing Home Complications.
A life estate is usually created to streamline the transfer of homeownership to the next generation but it can also be used to establish an income stream. Life estates can be created to provide a life-long income for a person rather than a lump-sum inheritance.