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The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
A life interest [1] (or life rent in Scotland) is a form of right, usually under a trust, that lasts only for the lifetime of the person benefiting from that right. A person with a life interest is known as a life tenant. A life interest ends when the life tenant dies. An interest in possession trust is the most common example of a life ...
At the end of the term, the financial property is transferred (tax-free) to the named beneficiaries. This trust is commonly used in the U.S. to facilitate large financial gifts that are not subject to a 'gift tax'. Hybrid trust: Combines elements of both fixed and discretionary trusts.
This is an accepted version of this page This is the latest accepted revision, reviewed on 6 December 2024. Legal declaration where a person distributes property at death "Last Will" redirects here. For the film, see Last Will (film). This article possibly contains original research. Please improve it by verifying the claims made and adding inline citations. Statements consisting only of ...
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Proponents of the estate tax argue that it serves to prevent the perpetuation of wealth, free of tax, in wealthy families and that it is necessary to a system of progressive taxation. [65] A driving force behind support for the estate tax is the concept of equal opportunity as a basis for the social contract. This viewpoint highlights the ...
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
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