Search results
Results from the WOW.Com Content Network
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 elective share in Florida gives a surviving spouse 30% of the elective estate, which includes all property owned by the decedent, property given away within one year of death, property inside a revocable trust (also known as a living trust), and pay on death accounts. [1]
A marital life estate is, in the common law tradition of the United States and Great Britain, a life estate held by a living spouse (husband or wife) or widowed spouse, for the duration of that spouse's life.
A life estate is a form of freehold estate, and the life tenant is guaranteed the use of the property for their lifetime (sometimes called a life estate "pur sa vie," which means "for his own life").
For example, if you name both your spouse and your sibling as primary beneficiaries, you could specify that your spouse receives 70 percent of the death benefit and your sibling receives 30 percent.
For premium support please call: 800-290-4726 more ways to reach us
Section 2032 provides an alternate method of determining the property's new basis. If the property is not disposed of within six months of the decedent's death, the executor may elect to use the property's fair market value six months after the date of death but only if such an election results in a decrease in the value of the gross estate. [2]
Estate planning could seem daunting, but it can also be made simpler by understanding key concepts. One of which focuses on the “portability” of estate tax exemption.