0
Does grantor retain ownership if she deeds her house with a warranty deed with life estate to her son?
I'm not an attorney, but a thought is: the mother and the son each hold certain rights, and I suppose that actual ownership is reserved by the mother. But she can't sell the property as long as the son lives, and the son can't sell it at all. The provisions of the life estate would make various things clear. For example, ownership goes to what party at the son's death? Probably the mother if she's still alive, but it goes to someone else if she pre-deceases her son. Does the son have the right to rent it out and still retain the life estate? Does he have the right to sell his interest in the life estate (not the property-- he doesn't own it) and still retain the life estate? This would be a strange arrangement indeed, but it might be possible to do it, if someone is daring enough to buy.
What else can I help you with?
What do QPR mean in a trust document?
In a trust document, QPR typically stands for "Qualified Personal Residence." This refers to a specific type of property that is held in a trust, which can provide certain tax benefits or estate planning advantages. The QPR allows the grantor to retain the right to live in the residence while effectively removing its value from their estate for tax purposes. This can help in reducing estate taxes upon the grantor's death.
Can a child pay off the mortgage to their parents home and then take over ownership our mother would like to turn over the property to us?
Yes. Your mother must transfer ownership to you by a deed. She should consult an attorney who can review her situation and explain her options. She may decide to retain a life estate and the deed should be drafted by the attorney.Yes. Your mother must transfer ownership to you by a deed. She should consult an attorney who can review her situation and explain her options. She may decide to retain a life estate and the deed should be drafted by the attorney.Yes. Your mother must transfer ownership to you by a deed. She should consult an attorney who can review her situation and explain her options. She may decide to retain a life estate and the deed should be drafted by the attorney.Yes. Your mother must transfer ownership to you by a deed. She should consult an attorney who can review her situation and explain her options. She may decide to retain a life estate and the deed should be drafted by the attorney.
Who is the owner of a trust?
The owner of a trust is typically referred to as the "grantor" or "settlor," the individual who establishes the trust and transfers assets into it. Once the trust is created, the assets are held by the trust itself, and a "trustee" is appointed to manage those assets for the benefit of the "beneficiaries." While the grantor may retain certain powers over the trust, the legal ownership of the assets lies with the trust.
May an individual gift their partial ownership (undivided interest) to another individual and retain a life estate when they do not own the entire property (other owners have an undivided interest)?
Typically yes
Is it require to file gift tax return with IRS for a retained life estate deed?
I am a trusts and estates attorney in New York. You are correct that you must file a gift tax return when conveying a deed to a non-spouse even if you retain a life estate in said property. The property will also be included in the grantor's estate at full fair market value as of date of death.
What is a revocable trust UTA?
A revocable trust, also known as a living trust, is a legal arrangement that allows the creator (grantor) to retain control over the assets placed within it during their lifetime. The grantor can modify or revoke the trust at any time. Upon the grantor's death, the assets are transferred to beneficiaries without going through probate, which can simplify the estate settlement process. UTA typically refers to "Uniform Trust Act," which provides a framework for trust law across different states.
Can credit card companies file liens on your home in California if it is in a Living Trust?
That all depends on the trust and whether it was properly drafted to remove your property from your estate and place it out of reach from your creditors. If your trust was improperly drafted your property will remain vulnerable to creditors. One of the most common trust errors made is for the grantor of the trust to retain control over the trust property by acting as the trustee and often as the beneficiary as well. In that scheme no trust was created and the property is still in the estate of the grantor. Your trust needs to be reviewed.
Can prisoners own property?
What kind of property are you referring to? They retain ownership of real estate - vehicles - and any personal property they owned prior to incarceration. They are, however, SEVERELY limited in what, and how much, property they can possess in jail or prison.
How do you retain mineral rights?
In your deed you add the following phrase Grantor reserves all mineral interest or excepting all mineral interest
Can a grantor who is also the trustee break an irrevocable trust?
Warning! An irrevocable trust is not created when the grantor (trustor) is also the trustee. By transferring their property to a trust of which they are the trustee the grantor has retained control over the property. Irrevocable trusts are usually set up for tax purposes. The grantor cannot retain any control over the property in order for the trust to qualify as an irrevocable trust. The trust you describe has failed and left the trust property exposed to creditors and taxes. You need to consult with an attorney who specializes in trust law and tax law.
Who owns 2 pacs master recordings?
As of October 2023, 2Pac's master recordings are owned by the estate of Tupac Shakur, which is managed by his family and various representatives. After his death in 1996, the rights to his music and recordings were acquired by several companies over the years, but the estate has worked to retain control and manage his legacy. Notably, the estate has partnered with various labels for distribution, but ownership remains with the estate itself.
What is a Semi Revocable Trust?
A semi-revocable trust is a type of trust that allows the grantor to retain some control over the trust assets while also providing certain protections and benefits to the beneficiaries. Unlike a fully revocable trust, the grantor may have limited ability to alter or revoke the trust once it is established. This type of trust can offer flexibility in asset management and distribution while still providing some level of security and permanence for the beneficiaries. It can be particularly useful in estate planning, allowing for specific conditions to be set for beneficiaries while maintaining some oversight by the grantor.
