Jennifer R. Lewis Kannegieter has authored a variety of books, e-books, and special reports related to estate planning and family law. Please … Learn More about Books By Jennifer R. Lewis Kannegieter

Your Minnesota Family Lawyer
Jennifer R. Lewis Kannegieter has authored a variety of books, e-books, and special reports related to estate planning and family law. Please … Learn More about Books By Jennifer R. Lewis Kannegieter
Establishing a Life Estate is a relatively simple process in which you transfer your property to your children, while retaining your right to use and live in the property. Life Estates are used to avoid probate, maximize tax benefits and protect the real property from potential long-term care expenses you may incur in your later years. Transferring property into a Life Estate avoids some of the disadvantages of making an outright gift of property to your heirs. However, it is not right for everyone and comes with its own set of advantages and disadvantages.
Life Estates establish two different categories of property owners: the Life Tenant Owner and the Remainder Owner. The Life Tenant Owner maintains the absolute and exclusive right to use the property during his or her lifetime. This can be a sole owner or joint Life Tenants. Life Tenant(s) maintain responsibility for property taxes, insurance and maintenance. Life Tenant(s) are also entitled to rent out the property and to receive all income generated by the property.
Remainder Owner(s) automatically take legal ownership of the property immediately upon the death of the last Life Tenant. Remainder Owners have no right to use the property or collect income generated by the property, and are not responsible for taxes, insurance or maintenance, as long as the Life Tenant is still alive.
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Lewis Kannegieter Law
4300 School Boulevard
PO Box 718
Monticello, MN 55362
Phone: (763) 244-2949
Fax: (763) 244-2940
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