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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.
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
The defeasible fee is sometimes seen with property donated to charity for a specific use, where the grantor specifies that the ownership may end if the property is no longer used in a certain way. [14] Another type of present interest is the life estate, by which the grantor gives the life tenant full rights during the life tenant's life. [14]
A conventional life estate grants possession and limited ownership of an asset to someone for as long as they live. It can be created using a deed, specified in a will or included as part of a trust.
New York also has its own set of estate tax laws. Capital gains tax: Capital gains taxes apply to real estate as well, but they work a bit differently with inherited properties versus a property ...
An enhanced life estate deed, often referred to as a “Lady Bird” deed, is a legal document utilized in some areas to streamline the transfer of property ownership. This deed simplifies the ...
The allodial or fee simple interest is the most complete ownership that one can have of property in the common law system. An estate can be an estate for years, an estate at will, a life estate (extinguishing at the death of the holder), an estate pur autre vie (a life interest for the life of another person) or a fee tail estate (to the heirs ...
Life estates can provide effective means to create joint ownership of property, avoid probate and transfer property after death without incurring gift taxes. Parents commonly use them to bequeath ...