[WSBAPT] Life estate?

[ROBERT MILLSAP]

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
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

 

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

fax:(425) 336-2505

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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Bar Association nor its officers or agents. 

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author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 

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