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  2. Life estate - Wikipedia

    en.wikipedia.org/wiki/Life_estate

    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.

  3. Elective share - Wikipedia

    en.wikipedia.org/wiki/Elective_share

    To accomplish that, the augmented estate is calculated by combining the value of the probate estate with such things as the value of gifts given by the decedent to third parties, property or accounts held in survivorship estates (such as a joint bank account, the proceeds of which would pass to the survivor among the account holders), the value ...

  4. Value of life - Wikipedia

    en.wikipedia.org/wiki/Value_of_life

    The value of statistical life (VSL) in Singapore was estimated in 2007 via a contingent valuation survey that elicits willingness-to-pay (WTP) for mortality risk reductions, which interviewed 801 Singaporeans and Singapore Permanent Residents aged 40 and above, entailing a value of statistical life of approximately S$850,000 to S$2.05 million ...

  5. Understanding Conventional Life Estates - AOL

    www.aol.com/news/understanding-conventional-life...

    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.

  6. Can I Remove Someone From My Life Estate? - AOL

    www.aol.com/remove-someone-life-estate-140024469...

    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 ...

  7. I’m 39 years old, my mom died 7 years ago, and I live with my ...

    www.aol.com/finance/m-39-years-old-mom-114200527...

    This is true as long as your mom's will didn't give your dad a life estate, or the right to remain in the home for the rest of his life. ... You'd get the home appraised to find out its value and ...

  8. Stepped-up basis - Wikipedia

    en.wikipedia.org/wiki/Stepped-up_basis

    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]

  9. Will and testament - Wikipedia

    en.wikipedia.org/wiki/Will_and_testament

    Residuary estate - the portion of an estate remaining after the payment of expenses and the distribution of specific bequests; this passes to the residuary legatees. Specific legacy (or specific bequest) – a testamentary gift of a precisely identifiable object. Testate – person who dies having created a will before death.

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