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Life Estate Change Over From Warranty Deed

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  • 03-29-2008, 03:03 PM
    3feathers
    Life Estate Change Over From Warranty Deed
    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?
  • 03-29-2008, 03:09 PM
    seniorjudge
    Re: Life Estate Change Over From Warranty Deed
    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.
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