What would you like to do?

In a Life Estate tenancy who pays the taxes and insurance on the property the owners or the the tenant?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

The tenant is the owner, fee simple, for his/her lifetime and pays taxes and insurance as anyone would on land they own. Instead of having an heir, a life estate has a 'remainder' (one who remains) and that person takes ownership after the demise of the life tenant because the deed/title was in the remainder's name all along. Yes?
Who pays the mortgage is another question.





No...the owner is the person who will receive it upon the death of the life estate. That is the person who would receive payment from the insurance company if it were, for example, destroyed in a fire while the tenant with the LED was living there. The person with the LED can't mortgage the property; can't sell the property; can't receive payment if the property is destroyed, so the owner would be responsible for paying the insurance and taxes. The LED holder is responsible only for utilities. In fact, the owner is responsible to pay upkeep as weel, because it benefits their future.
+ 3 others found this useful
Thanks for the feedback!
Follow

You are a founding member of the Dallas Stunt Ryderz, a motorcycle stunt group that tours the country performing death-defying tricks! What is it about touring that you love the most?

View Full Interview

Do you have to pay taxes on a life insurance p?

Life insurance death benefit proceeds are generally not subject to income taxation, provided they are paid in a lump sum; however, there a few exceptions to this rule. For mor

Do Kansas property owners pay real estate taxes in arrears?

Yes. First half for the current year is due on or before December 20th. The second half is due on or before May 10th of the following year. For example, real estate taxes for
Do I pay taxes on a life insurance payout?

Do I pay taxes on a life insurance payout?

If the owner of the policy is not a business, you would not have to pay taxes on a life insurance benefit payout. You should consult with a tax professional in your state for

In a life estate who pays for insurance?

Laws vary from state to state regarding the responsibilities of a life tenant. Generally, the life tenant has the responsibility for paying taxes, insurance, utilities, genera
Do you have to pay taxes on a life insurance pay out?

Do you have to pay taxes on a life insurance pay out?

  Answer   One of the still remaining, best aspects of Life insurance, (the  investment aspect of which has been generally agreed to be poor at  best) is that the

What Form to use to have tenant pay property tax?

  Sounds like a single-net lease. This provision can be added to any rental agreement, though the wording should be confirmed by an attorney prior to signing.

If a property was given to someone and the previous owner has life use who pays the taxes?

The person whose name is on the title of a property is billed for the taxes. If another party was given use of the property for life, there may or may not have been an agreeme

Who pays property taxes if life tenancy refuses?

    The fee owner should pay the taxes or the land will be siezed by the town for non-payment of property taxes. Property tax liens never go away and interest accumula
Do you have to pay taxes on life insurance inheritance?

Do you have to pay taxes on life insurance inheritance?

Taxes on a individual life insurance policy is generally not taxable in any manner. A main factors in deciding the taxabiity of this is who paid the premiums for the life insu

What happens if the tenant pays property taxes can the tenant claim ownership?

No, the owner is identified by recorded warranty deed. There are all type of rental agreements, if you agreed to pay the property taxes, it's just a part of your rent. Net lea

How should homeowners insurance be written for a life estate tenancy?

  I think it should be in the name of the Estate, but the address below the name, should be the life tenant's address...I believe. it should be up to the life tenant if he

How can a life tenant be rid of the obligation to pay property taxes and insurance on said property-- My Mom has life rights to a house but is now in a nursing home?

  It depends on the terms of the life tennancy...if she was to pay the tax and maintain the property as long as she exercised the tennancy...then she pretty much has to...