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v. t. e. In property law of the United Kingdom and the United States and other common law countries, a remainder is a future interest given to a person (who is referred to as the transferee or remainderman) that is capable of becoming possessory upon the natural end of a prior estate created by the same instrument. [ 1]
Estate planning is complicated and there are many ways you can protect your assets after your death. One way is to establish a life estate for the person you want to live there for their lifetime.
The Rule in Shelley’s Case provides that a conveyance which attempts to give a person a life estate, with a remainder to that person's heirs, will instead give both the life estate and the remainder to that person. Absent an intervening vested future interest, the life estate and the remainder will merge and the conveyance gives that person ...
t. e. In common law and statutory law, a life estate (or life tenancy) is the ownership of immovable property for the duration of a person's life. In legal terms, it is an estate in real property that ends at death, when the property rights may revert to the original owner or to another person. The owner of a life estate is called a "life ...
e. The rule against perpetuities is a legal rule in common law that prevents people from using legal instruments (usually a deed or a will) to exert control over the ownership of private property for a time long beyond the lives of people living at the time the instrument was written. Specifically, the rule forbids a person from creating future ...
A remainderman is a person who inherits or is entitled to inherit property upon the termination of the estate of the former owner. [ 1] Usually, this occurs due to the death or termination of the former owner's life estate, but this can also occur due to a specific notation in a trust passing ownership from one person to another. For example ...
If the retained interest is valued under Code section 7520, its value will be greater than zero, and the gift value is minimized. Code section 7520 values the remainder interest using the term of the trust, the life expectancy of the grantor and the 7520 rate in effect for the month of the transfer. The longer the term of the trust and the ...
4. Your risk tolerance. Your comfort level with investment risk is a critical factor in deciding between a lump sum and an annuity. A lump sum exposes you to a lot of risk. Invest the money too ...