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What are the pros and cons of a life estate deed?

What are the pros and cons of life estates? Avoid probate. Possible tax breaks for the life tenant. Reduced capital gains taxes for remainderman after death of life tenant. Capital gains taxes for remainderman if property sold while life tenant still alive. Remaindermans financial problems can affect the life tenant.

Does an estate have to go through probate in South Carolina?

Is Probate Required in South Carolina? In most cases, the answer is yes. Probate will be a necessary step in distributing he assets of the estate. The court monitors this process to ensure the decedents wishes are followed as indicated in the will.

Does South Carolina recognize a life estate deed?

A property owner can reserve a life estate and grant a remainder interest giving the remainderman possession when the owner diesallowing the property to bypass probate.

How do I transfer a deed after death in South Carolina?

South Carolina does not recognize transfer-on-death deeds for real estate property. For a beneficiary to receive real estate property upon a persons death, they must have jointly owned the property under the states joint tenancy laws.

How do you transfer a deed to a family member in South Carolina?

In South Carolina, the grantor must sign the deed in front of two witnesses and in the presence of an individual authorized by the state to administer an oath. Record the completed deed at the local county Recorders office, along with an Affidavit of True Consideration (S.C. Code Ann. 12-24-70(A)(1)).

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How much does it cost to transfer a deed in SC?

The fees amount to $1.85 per $500, based on the amount that the property sold for. For example, if the property sold for $200,000, then $740 in real estate transfer taxes would be due. $200,000 (property value) / 500 (increments) = 400.

What is a life estate deed in SC?

A life estate deed is a legal document that changes the ownership of a piece of real property. The person who owns the real property (in this example, Mom) signs a deed that will pass the ownership of the property automatically upon her death to someone else, known as the remainderman (in this example, Son).

What are the disadvantages of a transfer on death deed?

TOD Deeds Are Not Effective for Many Beneficiaries or Contingent Beneficiaries. Having multiple beneficiaries with unequal shares is a major disadvantage. TOD deeds with contingent beneficiaries are illegal and are also illegal by California law.

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What are the pros and cons of a life estate deed?

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