Elder Law Attorney in New York, New York
What are the advantages of creating a life estate?
What are the advantages of creating a life estate?
More In This Category
View Transcript
so there are multiple advantages to
people of all ages creating life estate
number one and the primary goal is to
make sure that you have the ability to
live in your home for as long as you’re
alive so by creating a life estate as
long as you’re living in the house
no one can kick you out there are also
tax advantages because you’re able to
maintain if you are receiving let’s say
star benefits or any type of tax
benefits
technically when we do a life estate
deed the transfer doesn’t happen to the
person that you’re giving it to until
you pass away which means that you’re
still receiving all of the tax
exemptions no necessary tax filings for
the person who you’re transferring it to
and we’re avoiding capital gains at
death for that same reason
Contact Russel Morgan, Esq.
Email This Lawyer
(212) 561-4299
See All This Lawyer's Videos
Visit Lawyer's Website
NY estates planning & probate attorney Russel Morgan, Esq. talks about the advantages of creating a life estate. He explains that creating a life estate offers multiple advantages for people of all ages. The primary benefit is ensuring the right to live in one’s home for as long as they are alive—no one can force them to leave during their lifetime. There are also tax advantages: for example, if the homeowner receives STAR benefits or other tax exemptions, those benefits continue because the transfer under a life estate deed does not occur until death. This structure allows the original owner to retain tax benefits and also helps avoid capital gains taxes at the time of death.
