H
helpneeded4me
Guest
NC, mother 67, 2 children both married. My husband at the time convinced my mother to create a life estate, in the document it lists on only us 2 children as the Grantee's but also each spouse.
Worded, x x and wife xx.
Now that we are divorced of course I do not nor does my mother want my ex spouse to have 1/4 interest in the property. He is the one that set this all up and my mother signed it, he did not tell my mother it was irrevocable? I nor my brother had no idea it was irrevocable. This was suppose to be done for "tax" purposes but now appears to have been chosen to protect my ex husband that claims this is irrevocable? It does not say anywhere on the deed that it is irrevocable? how do i find this out?
All the reading i have done since shows that a life estate is usually reserved for a charitable contribution so the Grantor can get some tax benefits while still living, therefor resorting to an irrevocable situation. What am I to do? My mother is furious as am I of course, this was a trusted individual at one time but now it seems as if he knew what he was doing. Is this only my opinion since I am now divorced from him and cannot stand him or was he looking out for our best interest at the time? I would think that only my and my brothers names would be on the document and then our spouse (at the time of death) would also be included because they were married to us? Please help.
Worded, x x and wife xx.
Now that we are divorced of course I do not nor does my mother want my ex spouse to have 1/4 interest in the property. He is the one that set this all up and my mother signed it, he did not tell my mother it was irrevocable? I nor my brother had no idea it was irrevocable. This was suppose to be done for "tax" purposes but now appears to have been chosen to protect my ex husband that claims this is irrevocable? It does not say anywhere on the deed that it is irrevocable? how do i find this out?
All the reading i have done since shows that a life estate is usually reserved for a charitable contribution so the Grantor can get some tax benefits while still living, therefor resorting to an irrevocable situation. What am I to do? My mother is furious as am I of course, this was a trusted individual at one time but now it seems as if he knew what he was doing. Is this only my opinion since I am now divorced from him and cannot stand him or was he looking out for our best interest at the time? I would think that only my and my brothers names would be on the document and then our spouse (at the time of death) would also be included because they were married to us? Please help.