Sorry for calling it a life estate when maybe I just should have said estate. Anyway,
2 bothers who were also on the deed with grandmother fee and simple
(All three were each 1/3 owner of house and land at time they bought out her 1/3 portion of it)
Example:
They paid 86,000 to buy her portion of home and farmland (both brothers split this purchase amount 50/50)
They then sell house first for 132,000 ( brother will split those proceeds 50/50)
Then they sell farmland month later for 315,000 (brothers will split proceeds 50/50
Everything is split 50/50 between brothers whether purchasing or selling.
