life interest upon condition subsequent

life interest subject to condition subsequent

life interest by operation of law

It seems to me that Kennedy Rynard has something less than a complete life interest in this case.

In its ancient form dower entitled a widow to a life interest in a portion of the lands owned by her deceased husband.

Another option is for the donor to give a residual interest in the property now while retaining a life interest.

Tax Advantages – When the property’s title passes to the organization (with your life or other interest registered on title), you receive an immediate donation receipt for the present value of the donated residual interest.

When the property’s title passes to the organization (with your life or other interest registered on title), you receive an immediate donation receipt for the present value of the donated residual interest.

However, wives had the right of "dower" — a life interest in the property the husband owned when he died (see Property Law).

The receipt amount is based on the anticipated number of years you retain a life interest in the property, current fair market value and a discounted rate.

Furthermore, similar to the ancient dower right, the widow (or widower) is entitled to a life interest in the homestead on the death of the spouse who owns the property.

Obtain professional advise if an option being considered is to maintain a life interest in the farm house and transfer the remainder interest in that house to a child.