[WSBARP] Solvency - Insolvency

[K. Garl Long]

Estate's major asset is agricultural land it leases out.  Its major debt 
is a large decedent IRS income tax bill.  There is a buyer for the 
agricultural land.  Will leaves a life estate in the land to testator's 
sister, with the remainder interest to his daughter.  If the estate can 
sell the land it can pay its tax bill, but daughter objects to the sale.

Can PR sell free of the remainder interest?  If so, does life estate 
holder have an interest in the substantial excess proceeds? Does 
remainder holder daughter?  Can the IRS execute against the life estate?

Probably more important questions, but I don't want to overburden the 
brain trust.

Thanks,

Garl

-- 
Law Offices of K *

Law Offices of K. Garl Long - Mount Vernon, Washington - (360) 336-3322

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