what happens to warranty deed to property if you get a life estate, Does life esaste cancell warranty deed out?
Also would there be any gift tax if warranty deed is changed to life estate?
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what happens to warranty deed to property if you get a life estate, Does life esaste cancell warranty deed out?
Also would there be any gift tax if warranty deed is changed to life estate?
Warranty deed from Sam Seller to Bill Buyer.
Owner: Bill Buyer (The warranty deed where Sam Seller got it is, of course, invalid now.)
Warranty deed from Bill Buyer to Bill Buyer and Rob Remainderman, reserving a life estate in Bill Buyer.
Owner: Bob Buyer as life tenant and Rob Remainderman as remainderman (The warranty deed where Bob Buyer got it is, of course, invalid now.)
I don't know anything about taxes.