life tenant वाक्य
उदाहरण वाक्य
मोबाइल
- Treacy said, explaining that in such a case, the beneficiary receives a " step-up " in basis to the market value of the property at the time of the life tenant's death.
- Accordingly, he said, when the property is sold, only the difference between the sale price and the value of the property at the time of the life tenant's death is considered taxable income.
- When the life tenant Lord Mount Stephen's died in 1921, Kerr put the estate up for sale and in 1923 it was purchased by Walker Cain Ltd; he was created Baron Brocket in 1933.
- The proceeds of sale are apportioned between the life tenant and the remainderman by using the formulae set out in " Re Earl of Chesterfield's Trusts " ( 1883 ) 24 Ch D 643.
- With a life estate, she said, the life tenant can live in the property, leave it vacant, or rent it to others, but cannot sell the life tenancy without the consent of the remainderman.
- On the other hand " future " property, such as a remainder or a reversionary interest, or other property which at present produces no income, is of no immediate benefit to the life tenant.
- In short, as the life tenant's ownership is temporary, failing to maintain or reasonably protect the asset resulting in its diminution in value, or indeed, destruction constitutes a cause of action for the reversioner.
- Under the rule in " Howe v Earl of Dartmouth " there may be duty to convert and reinvest authorised investments in the trust fund to maintain fairness between the life tenant and the remainderman.
- In a typical interest in possession trust, the life tenant receives all the income from the capital of the trust is paid to another person, known as the remainderman, as specified by the trust document.
- Any new husband would on such marriage automatically become the life tenant ( in her right ) of all her lands and the revenues therefrom, including Siston, not just the royal manors of Alveston and Earthcott.
- The trustees may have power to pay capital as well as income to the life tenant; alternatively they may have rights to transfer ( " appoint " ) property to other beneficiaries ahead of their entitlement.
- That is, a life estate owner cannot give complete and indefinite ownership ( fee simple ) to another person because the life tenant's ownership in the property ends when the person who is the measuring life dies.
- The general rule in relation to any trust fund is that the life tenant is entitled to all of the income, and the remainderman then takes all of the capital on the death of the life tenant.
- A life tenant who is granted an estate " without impeachment of waste " ( may not be sued for waste ) may not commit acts of flagrant destruction inconsistent with the fruitful use of the land.
- The general rule in relation to any trust fund is that the life tenant is entitled to all of the income, and the remainderman then takes all of the capital on the death of the life tenant.
- Yet another reason for using a life estate rather than a fee simple transfer is that with the former form of ownership, the life tenant remains the owner for purposes of qualifying for tax benefits available to the property owner.
- On the other hand, Treacy said, when a life estate is used, the transfer is considered an " incomplete gift " for tax purposes because the passage of title doesn't become " complete " until the death of the life tenant.
- The life tenant cannot open the land to search for minerals and other natural resources, but if the quarries or mines were open before the tenant took the life estate, then it is not waste for the life tenant to continue their use.
- The life tenant cannot open the land to search for minerals and other natural resources, but if the quarries or mines were open before the tenant took the life estate, then it is not waste for the life tenant to continue their use.
- The measuring life could be the grantor, a life tenant, a tenant for a term of years, or in the case of a contingent remainder or executory devise to a class of unascertained individuals, the person capable of producing members of that class.
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