Life Estate Example at Life

Life Estate Example. Peter creates a life estate deed transferring his property to himself, as life tenant, with the remainder to paul and mary. Pam aged 77 is the sole registered owner of land valued at $185,000.

Fred gives an acre of land “to barney for life, so long as the land is used to grow corn.” in this case, barney has a determinable life estate (the life estate’s equivalent of the fee simple determinable that we discussed in the last subchapter). In the united states, a life estate is typically used as a tool of an estate planning. A common example of a life estate is when a parent transfers a property to a child for the life of the child (or visa versa).

Mountain Animals

Appropriate life estate or remainder interest factor by the fair market value as of the date of transfer. Peter creates a life estate deed transferring his property to himself, as life tenant, with the remainder to paul and mary. Example of creation of a life estate: Here’s an example of calculating life estate land value: