Mom is in an assisted living facility. For estate planning purposes I'm transferring Mom's house from her trust to a life estate with me as the remainderman-her son. Is she considered the legal owner of the property for tax purposes?
The "Life Tenant" is the owner for tax purposes until his/her death. The Life Tenant is responsible for real estate taxes, insurance, and maintenance of the property. The Life Tenant is entitled to all the income from the property if it is rented.
The "Remainder Owner" automatically becomes owner upon the death of the Life Tenant. The Remainder Owner is not responsible for real estate taxes, etc., during the Life Tenant's lifetime.
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