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life time estate

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mirons73

Junior Member
What is the name of your state? Florida My father and step mother are considering signing over their property to my step brother and I, but setting it up where they will have a lifetime estate. It is currently under homestead expemption, and we both have adjoing property of our own. Would this increase our tax liability? Will it have any negative consequences for our parents?
 


divgradcurl

Senior Member
What is the name of your state? Florida My father and step mother are considering signing over their property to my step brother and I, but setting it up where they will have a lifetime estate. It is currently under homestead expemption, and we both have adjoing property of our own. Would this increase our tax liability? Will it have any negative consequences for our parents?
You really should sit down with either a tax planner or estate planning specialist who can review all of the facts of your particular situation and advise you accordingly. The answers to your question will depend in part on the value of the property, the size of your parent's expected estates, the age of your parents, whether or not your parents need (or will need) help under Medicare, etc.
 

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