@Anonymous_ wrote:
@Opus 17 wrote:
.......if I understand correctly, is that with a life estate, the "remainderman" has an ownership interest but has no real rights until after the owner dies.
A remainder is a future interest in property and rights attach to that interest, including the right to prevent waste on the property and compel payments to keep the property free from liens. A remainderman can also prevent the life tenant from selling (or otherwise alienating) the property (except with respect to an enhanced life estate).
Further, a remainder interest is reportable as a gift if there is no consideration given for the interest and the value of the interest is not reduced by the annual gift tax exclusion.
I updated it to "limited rights."
Good reminder about the possibility that the mother might have been required to file a gift tax return in 2017.
