
Estate Planning Can Bridge the Gap Between Generational Wealth
Generational wealth is only meaningful if it is preserved and transferred effectively. Estate planning ensures financial stability for future generations.

Generational wealth is only meaningful if it is preserved and transferred effectively. Estate planning ensures financial stability for future generations.

When multiple generations live on the same property, issues over ownership, who inherits what and who provides what can get complicated fast.

By understanding the features of a life estate and creating one at the right time, you can reap the following benefits….

A life estate is a form of property ownership that splits control and ownership of a property. The person who creates the life estate for their home and assets is known as the life tenant. Though the tenant retains control of the property, they share ownership during their lifetime with the remainderman, a legal term referring to the estate’s heir.

A life estate is a type of property ownership or tenancy that grants an individual the right to use and enjoy a property for the remainder or their life. It gives an ownership interest to someone else.

Chances are, your home is full to the brim with cherished memories of family and friends. But, as you get older, you may start wondering what exactly will happen to your home when you pass away. Fortunately, a life estate can take away the uncertainty of this thought by legally assigning an heir to receive your property without interference from court proceedings.

Life estates can provide effective means to create joint ownership of property, avoid probate and transfer property after death without incurring gift taxes.