life estate life estate

Definition(s):

  • (n) (law) an estate whose duration is limited to the life of the person holding it

Usage(s):

  1. I'm still for a 100% life estate tax on anyone named george w.
  2. I have heretofore created a trust for each of them after a life estate to one of their parents.

News

  • Clock is ticking for last Apostle Islands lifers

    When the Apostle Islands were turned into a national park, a small number of property owners chose a life estate — allowing them to stay tax-free until they died. Seven owners remain.
    on August 18, 2013     Source: Milwaukee Journal Sentinel

Word of the Day
nebulous nebulous
/ˈnɛb jə ləs /