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  1. #1
    Join Date
    Aug 2006
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    1

    Default Selling a house with a life estate

    My father left me his house in his trust, and also stated in his trust that my uncle, who is mildly retarded must live in the house until he passes away. Before I live across the country from this house, neighbors and family friends have offered to buy the house and take care of my uncle. Can we sell the house to them? The IRS says there is a life estate on it, but I'm not sure. The sentence in the trust is "must be allowed to live in the house as long as he is ambulatory or can receive in home care.

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
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    98,846

    Default Re: Selling a house with a life estate

    Laws vary by state and you didn't tell us what state is involved, but that is probably sufficient to create a life estate. If the house remains in trust, you may be able to sell your remainder interest in the home - is that what you want to do? A discussion with an estate planning lawyer in the state where this is occurring would probably help.

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