A resident of the U.S. is subject to the country's estate tax laws. You can leave an amount up to but not exceeding the exemption equivalent amount ($2 million in 2008, $3.5 million in 2009, unlimited in 2010, and $1 million in 2011 and thereafter) to anyone other than your spouse. You can leave an unlimited amount to a spouse who is a U.S. citizen. If your spouse is not a U.S. citizen, then the limitations indicated previously apply.
It involves transferring the title to your property to your children. They will be the new owners subject to your right to the use and possession of the property for the duration of your natural lives. There may be tax consequences and the property will be vulnerable to any creditors claims against your children. If the children are minors there may be expensive legal consequences to consider. You should not make any such transfer until you have discussed it with an attorney who specializes in real estate law and also estate planning.
Resident Undead - 2010 Whispers Estate - 3.3 was released on: USA: 15 November 2012
You should seek the advice of a real estate/estate planning attorney in your area who is familiar with the property laws in your state. There may be tax consequences. You should also discuss the consequences of a conveyance to your married daughter under the statutory provisions of your state.
Yes. However, there are tax consequences and legal consequences. You should consult with an attorney with a good reputation who specializes in estate planning who can review your situation, explain the consequences, set out your options and draft the necessary documents to accomplish the transfers.
Yes. You should consult an attorney who can draft the deed properly for your estate and explain the consequences as well.Yes. You should consult an attorney who can draft the deed properly for your estate and explain the consequences as well.Yes. You should consult an attorney who can draft the deed properly for your estate and explain the consequences as well.Yes. You should consult an attorney who can draft the deed properly for your estate and explain the consequences as well.
The only consequences would be that you would not have any power or authority to distribute the assets as provided in the will, to make any decisions regarding the estate assets or to pay the debts of the estate. You would not be involved in the settling of the estate.
No.No.No.No.
The location of the person with the life estate does not matter. They can live anywhere they wish.
I am assuming that your grandmother does not have a spouse who is still living. In California, if a resident dies without a will or trust, then the laws of intestate succession are used to determine who will inherit the estate. If your grandmother was not married, then the estate would be divided in equal shares (if they are in the same generation) to her children. If there are no children or grandchildren living, then the estate would go to her parents. If her parents are no longer living, then the estate is distributed to the "issue of the parents." (Issue is the legal term for children, grandchildren, etc.) I am not an attorney but typically, in your situation, you would inherit one third of the estate. (Your father's portion.)
If my father died without a will and he have lawful children. And iligimate children who get his estate
A life estate is created by the owner of the property by a deed or by a Will. You should consult with an attorney who can draft a proper life estate grant and explain the consequences and options.
Your question involves estate planning. You need to consult with an attorney who specializes in estate planning to determine your options and the consequences, tax and otherwise, of a transfer of your property to your children. It takes several years after the transfer has been made for the government to consider the property to be out of your estate if you receive any government medical assistance. You should get some good legal advice ASAP.