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A remainderman is a person who inherits or is entitled to inherit property upon the termination of the estate of the former owner. Usually this occurs due to the.
Table of contents
- Account Options
- Legal Definition of Remainderman
- How to Pay Remaindermen when Terminating a Trust
- What Is a Life Estate?
The life tenant may think that the life estate is valuable and that he or she should get most of the sale proceeds. And even if they work out the allocation of the proceeds, the IRS will typically apply an arbitrary set of actuarial tables for tax purposes that may not match the true economic situation.
Account Options
Estate and Gift Tax Issues. This allows postponement of the estate tax until the death of the surviving spouse, depending on whether the election is made to qualify the property for the marital deduction. If the election has been made but the spouse later sells the home and divides the proceeds with the remaindermen, the spouse may be considered to have made a taxable gift of a portion of the proceeds. No Escape.
Partition is a judicial procedure that allows co-owners who have current possessory rights in property to either divide or sell the property and go their separate ways. But because the interests of the life tenant and the remaindermen are not possessory at the same time, the remedy of partition is not available. This can lock the life tenant and remaindermen into the forced partnership without any judicial means of escape.
Legal Definition of Remainderman
The trust provides that your real estate will be transferred automatically upon your death to whoever you want to have it. You deed your real estate to the living trust. This takes it out of your name so that it will not be part of your probate estate when you die. You still have full control over the property, though, since you control the living trust. This means that, unlike a life estate, you can still call the shots during your lifetime. And since the trust is disregarded for tax purposes, there are no negative tax consequences.
How to Pay Remaindermen when Terminating a Trust
He is an active member in a number of professional organizations that focus on law, the senior community, and estate planning. Schedule a consultation to help you and your loved ones. Categories Medicaid Probate. Today, it is possible to re-title the ownership of many assets by adding a beneficiary.
What Is a Life Estate?
This avoids the real property going into probate. There can be more than one remainderman named. When this occurs you should specify if they will own the real property as joint owners or tenants in common. Arranging for a life tenancy has its uses. The husband would want his wife to always have the right to reside in that home, even if he dies. Even if he wants his new wife to be able to reside in that house while she is living, the husband may also want his children to inherit the home when the wife dies — rather than the wife willing the house away to whoever she wanted.
The new wife here is the life tenant, the children the remainderman. You can set up the same arrangement, but only after seeking legal advice.
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