This form is a warranty deed from parent(s) to child with a reservation of a life estate in the parent(s). The form allows the grantor(s) to convey property to the grantee, while maintaining an interest in the property during the lifetime of the grantor(s).
Georgia Warranty Deed to Child Reserving a Life Estate in the Parents
Category:
State:
Georgia
Control #:
GA-021-77
Format:
Word;
Rich Text
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FAQ
Almost all deeds creating a life estate will also name a remaindermanthe person or persons who get the property when the life tenant dies.The life tenant is the owner of the property until they die. However, the remainderman also has an ownership interest in the property while the life tenant is alive.
The IRS treats the life estate transfer as a sale, and the fair market value of the house is included in your estate. If your estate exceeds the exclusion amount, you could owe estates taxes on the difference.If your estate is $100,000 to $150,000 over the exclusion maximum, the amount is taxed at 30 percent.
What happens to a life estate after someone dies? Upon the life tenant's death, the property passes to the remainder owner outside of probate.They can sell the property or move into and claim it as their primary residence (homestead). Property taxes will not be reassessed.
Freehold estates: rights of conveyable exclusive possession and use, having immobility and indeterminate duration. Leasehold estates: rights of possession and use but not ownership. Concurrent estates: owned or possessed by two or more individuals simultaneously.
A life estate is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner.
A properly written, signed and filed Enhanced Life Estate Deed does supersede the terms of the owner's Will, so long as the grantor has not exercised the retained right to reclaim ownership while living.When the owner later dies, transfer of title to the property may require probate of the Will.
A person owns property in a life estate only throughout their lifetime. Beneficiaries cannot sell property in a life estate before the beneficiary's death. One benefit of a life estate is that property can pass when the life tenant dies without being part of the tenant's estate.
The two types of life estates are the conventional and the legal life estate. the grantee, the life tenant. Following the termination of the estate, rights pass to a remainderman or revert to the previous owner.
The creation of a life estate is accomplished by the language to Recipient for life or, if it is to be a life estate pur autre vie, to recipient for the life of (another person). The holder of the life estate is called the life tenant. If the property is to return to the original owner after the death of the life