[SPAM] RE: [WSBAPT] Life estate?
Beth McDaniel
beth at bethmcdaniel.com
Wed May 21 11:51:52 PDT 2014
I conur with Katharine. I don’t think I would ever do a life estate
unless it was to give a parent a life estate in a child’s house (for
Medicaid purposes). They are too problematic. I too establish a
testamentary trust and am clear with regard to all of the contingencies
(including the occupation of the property by a significant other of the
holder of the life estate. If it may become an issue for the life estate
holder to make major repairs to the property, I also set aside money for
that purpose.
Below is sample language. Please feel free to critique. Of course, the
cash bequest could be outright or in trust.
THIRD: ***********. As soon as practicable following my death, my
personal representative shall allocate and hold my residence located at
************, in trust for my ***, ***********, if s/he is surviving.
**** shall have the exclusive right to live in the residence and enjoy the
property for the remainder of her/his lifetime providing s/he does not
remarry or vacate the property for more than 90 continuous days. During
such time that **** shall live in the residence, ***** shall be solely
responsible for all household maintenance and repairs of the residence and
property.
Upon *** death, her/his remarriage, or if s/he should vacate the residence
for a continuous period of 90 days or longer, the trust shall end and the
residence shall be distributed in the same manner as my residuary estate
has been or will be distributed.
Additional language re cash distribution:
In addition to the above distribution, as soon as practicable following my
death if my wife ******** is surviving and is residing or intends to
reside in my residence located at ***********************, my personal
representative shall distribute outright to ***** the sum of Twenty
Thousand Dollars ($20,000.00). It is my intent with this distribution
that ***** shall apply these funds in her discretion towards necessary
maintenance and repairs on the residence during such time that s/he shall
reside there. If **** is not surviving, does not reside or intend to
reside in my residence at the time of my death, all distributive
provisions of this paragraph shall lapse and be null and void.
Beth A. McDaniel
Law Offices of Beth A. McDaniel, PLLC
272 Hardie Avenue SW
Renton, WA 98057
(425) 251-8880
fax:(425) 336-2505
www.bethmcdaniel.com <http://www.bethmcdaniel.com/>
beth at bethmcdaniel.com
This communication contains confidential information and may be
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From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Katharine P. Bauer
Sent: Wednesday, May 21, 2014 11:35 AM
To: probate
Subject: Re: [WSBAPT] Life estate?
In my mind: A residential trust is always better than a life estate.
Spell out who pays what when, and what happens if not residing there...
On Wed, May 21, 2014 at 11:23 AM, ROBERT MILLSAP <rem3 at nwlink.com> wrote:
I think a restriction like requiring the life tenant residing there has to
be added as a condition in the grant of the life estate. You might want
to clarify in the will that he can rent it out so there is no question
about that in the children’s mind. Might save money and tension in the
long run.
From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Lisa Schuchman
Sent: Wednesday, May 21, 2014 11:12 AM
To: wsbapt at lists.wsbarppt.com
Subject: RE: [WSBAPT] Life estate?
This is a house jointly owned by a married couple. One of them has kids
she would like to be remainder beneficiaries, and for various reasons they
don’t want to put the house in a trust. The life tenant owns the other
half - she does now and will continue to maintain the house.
It’s my understanding of life estates that the life tenant doesn’t have to
live in the property, but may not waste it. Do you think I’m wrong?
Lisa E. Schuchman
206-325-2801
www.lisaschuchman.com <http://www.lisaschuchman.com/>
Education is what you get when you read the fine print. Experience is
what you get when you don’t. -Pete Seeger
NOTE: I do not use encrypted email. Messages sent to or from my office
via email are not secure and may not be protected by attorney-client
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matter is urgent, please phone my office during regular business hours.
Any tax advice included in this document and its attachments was not
intended or written to be used, and it cannot be used, for the purpose of
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P Please consider the trees before printing this document
From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Beth McDaniel
Sent: Wednesday, May 21, 2014 9:59 AM
To: wsbapt at lists.wsbarppt.com
Subject: [SPAM] RE: [WSBAPT] Life estate?
Lisa,
So the purpose is that the life tenant would have quiet enjoyment of the
entire property during his/her lifetime. Correct? On its face, I don’t
see an issue; however, is it confirmed that the life tenant is able to and
will assume 100% maintenance of the property and costs of major repairs to
the property during the tenancy? Also, is the residuary beneficiary ok if
the life tenant decides to not reside in/on the property? This is where I
typically see problems.
Beth A. McDaniel
Law Offices of Beth A. McDaniel, PLLC
272 Hardie Avenue SW
Renton, WA 98057
(425) 251-8880 <tel:%28425%29%20251-8880>
fax:(425) 336-2505 <tel:%28425%29%20336-2505>
www.bethmcdaniel.com <http://www.bethmcdaniel.com/>
beth at bethmcdaniel.com
This communication contains confidential information and may be
attorney/client privileged. If you are not the intended recipient, or
believe you have received this communication in error, please reply to the
sender stating that fact and delete the copy you received.
From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Lisa Schuchman
Sent: Tuesday, May 20, 2014 4:49 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Life estate?
Can we do a testamentary life estate for a half interest in real estate?
The prospective life tenant owns the other half. What do you think?
Lisa E. Schuchman
206-325-2801
www.lisaschuchman.com <http://www.lisaschuchman.com/>
Education is what you get when you read the fine print. Experience is
what you get when you don’t. -Pete Seeger
NOTE: I do not use encrypted email. Messages sent to or from my office
via email are not secure and may not be protected by attorney-client
privilege. This email address is not monitored at all times. If your
matter is urgent, please phone my office during regular business hours.
Any tax advice included in this document and its attachments was not
intended or written to be used, and it cannot be used, for the purpose of
avoiding penalties under the Internal Revenue Code.
P Please consider the trees before printing this document
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--
Katharine P. Bauer
Bauer Pitman Bauer, PLLC
1235 Fourth Ave. East, Suite 200
Olympia, Washington 98501
tel. 360.754.1976
fax. 360.943.4427
e-mail: <mailto:kpb at bpblegal.com> kpb at bpblegal.com
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