Full question:
Father deeds remainder interest in property to daughter and retains life estate. At death of father is daughters possession of property considered an inheritance?
- Category: Wills and Estates
- Subcategory: Probate
- Date:
- State: New York
Answer:
The answer will depend on the context, but technically, the daughter would be considered to receive a remainder interest based on survivorship. A remainder interest is considered an inheritance in general terms, but in legal terms it is the vesting of a remainder interest.
A life estate deed also will pass property to the remainder person without going through probate. It is not considered part of the probate estate, such as the proprety that passes under a will or laws of intestacy.
For further discussion, please see:
http://www.allbusiness.com/personal-finance/individual-taxes/1169585-1.html
http://hallandhallnj.com/Publications/LRF/TFH.pdf
http://www.nysscpa.org/cpajournal/2001/0700/dept/d076301.htm
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.
