Will my son avoid probate and get a stepped-up basis with an enhanced life estate deed?

Full question:

If I leave my house to my son using a Enhanced Life Estate Grant Deed will he avoid Probate and receive the house at a stepped up basis ?

Answer:

An enhanced life estate deed allows the owner to retain a life estate while designating a remainder interest to the son. This means the son can avoid probate for the house.

Regarding the stepped-up basis, it is understood that the son would receive the house at its fair market value as of the father's death, which is referred to as a stepped-up basis.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Yes, a life estate can override a will concerning the property held in the life estate. If a property is transferred through a life estate deed, the designated remainder beneficiary will receive the property upon the death of the life tenant, regardless of what the will states. This means the will cannot change the outcome for that specific property.