life estate

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  • noun

Synonyms for life estate

(law) an estate whose duration is limited to the life of the person holding it

References in periodicals archive ?
32) There are five general types of present possessory interests: the fee simple absolute, the defeasible fee simple, the fee tail, the life estate, and the lease.
Both homes, the farm buildings and grain bins were reserved in a life estate agreement.
8) "[I]f the decedent is survived by a spouse and one or more descendants, the surviving spouse shall take a life estate in the homestead, with a vested remainder to the descendants in being at the time of the decedent's death per stirpes.
Le Caer held a life estate, valued at $495,000, that was designed not to qualify for the QTIP deduction.
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.
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.
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.
I think it's wonderful that he's given this old gentleman a life estate," City Councilor Nan Osbon said.
Prior to 1992, it was possible for taxpayers to dispose of their remainder interest in their property to their children and retain a life estate for themselves without any income tax consequences upon the taxpayer's death.
121 Apply to the Sale of a Life Estate in One's Primary Personal Residence?
On another issue, the committee said a judge, who is named a trustee of property devised to him and his wife as a life estate, can serve as trustee of that property.
Since May 1989, the "applicable federal rate" (AFR), the discount rate used to value private annuities, term interest, life estate, remainders and reversions equals 120% of the "Midterm Federal rate" pursuant to Section 7520.
To the life estate we might add the concept of a joint tenancy, in which each tenant (or human) "owns" the whole, but has no rights to give to heirs.
With this GRIT, the taxpayer has retained a life estate for a fixed number of years or the period until death.