Collect Data For Legal Kentucky Accidents Forms For Free

An additional potential problem with a Life Estate is that it does not offer creditor protection to the beneficiary, so if the heir has a debt or is sued, the creditor or court can come after the house. As you can see, a traditional Life Estate has the potential to create major conflict within a family.

Life Estates establish two different categories of property owners: the Life Tenant Owner and the Remainder Owner. The Life Tenant Owner maintains the absolute and exclusive right to use the property during his or her lifetime. This can be a sole owner or joint Life Tenants.

Rights of a remainderman A remainderman has an interest in assuring that the life tenant does not destroy, damage, or otherwise diminish the value of the property. The life tenant must maintain the property, make any existing mortgage payments, pay property taxes, and keep the property adequately insured.

When the life tenant dies, the remainderman typically receives a step-up tax basis in the property. This means the remainderman takes ownership of the home at its fair market value at the time of the life tenant's death. This can save the remainderman capital gains tax when the property is sold.

If you have been in a motor vehicle accident in Kentucky that caused an injury or $500 worth of property damage, you must ensure it is reported to Kentucky State Police to satisfy state law and to obtain insurance compensation for your losses.

Write down the names and addresses of all parties involved, including any passengers in the other vehicle. Talk to witnesses. If there were any witnesses to the accident, take down their names and their contact information, as well.