Mother owns a piece of commercial property. Could she deed the property by "life estate" to her children, but keep any income that is generated until her death?
Landlord / Tenant Lawyer
I am not a Virginia lawyer, but I can say with confidence that you can create a life estate in commercial real estate in any state. However, if you live in Pennsylvania, you will probably need to work with a Pennsylvania lawyer who will collaborate with a Virginia lawyer on this property.
Clifford L Tuttle, Jr
Attorney at Law
The foregoing answer does not constitute legal advice and does not create a lawyer-client relationship. Answers are based upon the facts stated and may change if there are additional facts not contained in the question.
1 lawyer agrees
It is possible, but if you grant a life estate, then the life tenant would take the income once the deed is drafted, signed and filed. So mom would give up the cash flow. However, she could create the life estate to take effect at her death which would allow the cash flow to continue to her until she died. Get with an estate planning or real estate attorney to discuss these issues in more detail and to get conclusive answers.
Hope this helps.
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Wills and Living Wills Lawyer
A life estate is an ownership interest restricted to the recipient's lifespan. Strictly speaking, it has nothing to do with their living arrangements. You can have a life estate in a home, a commercial property, a property held for rental, and even non-real estate, if it's documented.
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