And in the unlikely event she is convicted of murder, she said, her life interest
will cease by operation of law and as such the estate of her late husband will not suffer any prejudice.
Property with life interests
is an asset for the parents and an asset for the children (be it much reduced in value depending on the parents age).
One way to achieve these two aims is to use your will to create a life interest
A Life Interest
Trust may be the answer, but discuss the problem with your solicitor.
As Tom didn't leave a Will, Flo is only entitled to the personal possessions and the first PS250,000, of his estate.The remainder is divided in two; their child will receive one half now and the other half when Flo dies, as Flo is only entitled to a life interest
in the other half.
This can be achieved by using a life interest
trust with a life tenant who would qualify for the tax break in his own right.
Under the Intestacy Rules, as the surviving spouse, you are entitled to receive all of your husband's personal belongings, a statutory legacy of PS250,000 and a life interest
in half of the residue with the remaining half passing to your husband's children in equal shares.
The Ninth Circuit recently held that gift taxes incurred when a gift of a life interest
in a qualified terminable interest property (QTIP) trust was made are subject to this gross-up rule.
Burnbrae Limited, which is indirectly wholly owned by a trustee of a settlement under which Mellon has a life interest
, holds 16,000,000 ordinary shares, representing 17.86 percent of the ordinary share capital of the company.
If you live in England or Wales and are married or in a civil partnership with children, your partner gets only the first pounds 250,000 of your estate plus a life interest
in half the remainder.
The court acknowledged that the kind of split-interest trust that appeared to have been uppermost in the congressional mind was one in which a noncharitable beneficiary held a life interest
and the charitable beneficiary a remainder interest.
Lewensreg ("Life interest
or usufruct", but also "right to life" in a metaphoric sense) is a play about dying and was performed by the University of the Free State Drama Department at the ABSA KKNK in Oudtshoorn in 2007 as part of a competition entitled the Sanlam-prys vir Afrikaanse Teater ("Sanlam Prize for Afrikaans Theatre").