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Deductions & credits
@Irene2805 wrote:Your situation is a little different in that she transferred ownership in 2007, but retained a life estate for herself.
The scenario set forth by @chrisjdowling is different than the statement quoted above (it is backwards).
The mother gave the son a life estate with her life as the measuring life for the term of the estate while, possibly, retaining a remainder interest (which, itself, is the reverse of the typical transaction).
If the mother did not retain a remainder interest then there could be a merger between the life estate and remainder, which would possibly result in the son owning the property in fee simple.
‎April 2, 2021
8:47 AM