Posted on: 13th Apr, 2006 03:03 pm
my mother has a life estate on a property. i have two siblings, we are owners on the title, with the attached lif estate, and we agreed to let me have the property for a price(their share). can i quit claim it to me, keep the life estate in place? if so how do i do it, and am i protected? location is minnesota, anoka county. what it their tax liability, can they avoid capital gain.
These are very technical issues ... consult with a reputable/recommended real estate/trust attorney.
Best of Luck!
Best of Luck!
Hi,
Welcome to MortgageFit Forums.
I think I am not clear with your query. Did you mean to say that your children have ownership on the property with the life estate attached?
In case of a life estate the grantee can quit claim his/her share to a third person but the title will pass to the life estate owner once the grantee dies.
If someone transfers his/her house while retaining life estate and the recipient again sells it or transfers interest against money that would incur capital gain tax.
As Bill advised real estate transfers are complicated matters and should be discussed with a real estate attorney. Consult a good attorney to guide you under this condition.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
I think I am not clear with your query. Did you mean to say that your children have ownership on the property with the life estate attached?
In case of a life estate the grantee can quit claim his/her share to a third person but the title will pass to the life estate owner once the grantee dies.
If someone transfers his/her house while retaining life estate and the recipient again sells it or transfers interest against money that would incur capital gain tax.
As Bill advised real estate transfers are complicated matters and should be discussed with a real estate attorney. Consult a good attorney to guide you under this condition.
God bless you.
For MortgageFit,
Samantha
My mother was granteda life estate through a will from her husband who passed away three years ago. Upon her death the property is to be sold and divided among three of his children. The problems are#1 the property is deeded to the decessed brother, #2 can my mother sell the property, and deduct her life estate value from the proceeds, before it is split between the three children. All this is proposing the brother agrees to sell, or does he have to agree? Also how does a person calculate the value of someones life estate?
Thanks for taking the time to help out,
Confused in Virginia
Thanks for taking the time to help out,
Confused in Virginia
Hi,
For a life estate property your mother can only use the benefits of the property for life which ceases upon her death.
There are certain restrictions on a person possessing a life estate property. The person can't sell the property and neither can produce any damage to the property.
She can only lease the interest in it which will terminate upon her death. So, there is no scope for her to sell the property. All the children must be involved in quit claiming their interest in the property and a new deed has to be made to come out of the life estate.
Something can be done only after a new form of deed is prepared. It's advisable to check with a real estate for the technical points involved.
Blue
For a life estate property your mother can only use the benefits of the property for life which ceases upon her death.
There are certain restrictions on a person possessing a life estate property. The person can't sell the property and neither can produce any damage to the property.
She can only lease the interest in it which will terminate upon her death. So, there is no scope for her to sell the property. All the children must be involved in quit claiming their interest in the property and a new deed has to be made to come out of the life estate.
Something can be done only after a new form of deed is prepared. It's advisable to check with a real estate for the technical points involved.
Blue
Foolishly, my wife and I have signed our house to our older daughter and we become a life estate owners. we have two other children. My wife died two years ego. I woul like to include my two other children as owners after I'll die. My older daughter is not cooperating. My penshion is small. Do I have to pay taxes on the property now? What will happened if I don't?
hi nata
once you have signed it then its preety tough to get back the property. i think you need to figure it out with your daughter only.
i would to like know few things from you - 1st is there a loan on the property. i think you have have quit claim deed to your daughter am i correct on this ??
if you dont have the loan on it then i think all the taxes should be paid by your daughter. i would recommend you to take help from your local attorney on this.
once you have signed it then its preety tough to get back the property. i think you need to figure it out with your daughter only.
i would to like know few things from you - 1st is there a loan on the property. i think you have have quit claim deed to your daughter am i correct on this ??
if you dont have the loan on it then i think all the taxes should be paid by your daughter. i would recommend you to take help from your local attorney on this.
i sold my property to my son and retained a life estate. now my son is selling the property to which i have a life estate. will i lose my lose estate?
Hi charles,
Unless you agree to sell off the property and sign the required documents, your son won't be able to sell off the property. Once the property is sold off, you'll lose the life estate.
Thanks
Unless you agree to sell off the property and sign the required documents, your son won't be able to sell off the property. Once the property is sold off, you'll lose the life estate.
Thanks