Q: Can a life estate holder sell their interest to the remainderman?
A:
Yes, a life estate holder can sell their interest to the remainderman. This transaction involves the life tenant transferring their rights to the property for the duration of their life to the remainderman, who will then have full ownership.
Before proceeding, it's essential to consider the value of the life estate and negotiate a fair price. This transaction should be properly documented through a deed to ensure legal compliance and clarity.
Consult with a legal professional to understand the implications of such a sale, including any tax consequences and the impact on both parties' future rights to the property. This step ensures that the interests of both the life estate holder and the remainderman are protected.
1 user found this answer helpful
A: A quick value for the LE can be determined from the LE/REM tables in the Estate Tax Regulations of the Revenue Code. Multiply the percentage by the Tax Appraisal. Of course get as much money as you can, but this would be a start.
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