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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.
Giving assets away during your life can lower the value of your taxable estate at your death. In 2024, the IRS permits you to give a maximum of $18,000 per person to as many people as you like.
If the year of death is 2024, assets worth the fair market value of $13.61 million or more are subject to an estate tax, which is a tax on the right to transfer property, including everything the ...
the value of certain property transferred by the decedent before death for which the decedent retained a "life estate", or retained certain "powers"; [17] the value of certain property in which the recipient could, through ownership, have possession or enjoyment only by surviving the decedent; [18]
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 ...
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.
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 of one's body) or some more limited kind of heir (e.g. to heirs male of one's body).
The legal term “pur autre vie” means “for the life of another” in French and when used in property law refers to a life estate that a grantor bestows on another person, known as a life ...