[WSBARP] Solvency - Insolvency
K. Garl Long
Garl at longlaw.biz
Tue May 11 15:40:41 PDT 2021
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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