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Information regarding a life estate
Notasulga, AL
Viewed 24 times.
Posted 28 days ago in Probate
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Thank you for answering my question before stating that my father left his property to his 4 children with a life estate to our mother. I now need to know if my mother can sell some of the acreage and retain the rest to live there for her lifetime, do the 4 children still have to sign this deed? We all are in agreement if she wants to sell, but want to be sure all who need to sign do so for it to become legal property for the purchaser.
Thanks so much for you helpful advice. Answers (1)
Bert Z. Tigerman
This attorney is licensed in California and 1 other state.
Posted 27 days ago.
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The life estate will be sold by your mother and the remainer interest will be sold by the four childeren. Each of you has a separate interest that must be conveyed. The consideration is allocated between the life estate and the 4 remainder interests. The value of the life estate viz the remainder interests depends on your mother's age. There are life expectancy tables in the IRS regulations that can be used for this purpose.
Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship
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