Life Estate and Property Taxes

[JoeV456]

No. This is not what was said. I originally said she was given a "fractional Life Estate" for our portion of the property, which is 50 percent of the total property. You seem to think that this implies 1/6 ownership/responsibility. IT DOES NOT. The label 1/3 life estate is just that — a label. It does not translate into an exact number. As I clearly said, she is responsible for the Life Estate for the portion she has been given a life estate for, which is in this case what I, her and my step-sister have an interest in, which is 50 percent of the total property. SHE PAYS ALL THE TAXES. Not 1/6th, not 1/12th, but all of the property taxes for our half of the total property. Her interest when the property is sold is calculated by a complex formula — it's not 1/6th of the total property.

Again, you are wrong about the responsibilities of a Life Estate Tenant, and that is per a lawyer in Arkansas.

Nowhere in your quote

"2. A life tenant in a fractional interest in the property and the other owner, of the remaining fractional life estate and the remainder, are joint tenants or tenants in common and either can bring an action against the other for the partition [or] sale for division ...

does it state that the joint owners have equal responsibilities. The Life estate owner is responsible for taxes and upkeep and benefits from any rents collected. The remaindermen do have a say-so in the sale of the property, and have other responsibilities, such as paying for improvements, but DO NOT PAY PROPERTY TAXES of any kind.

You seem to suggest she was given a life estate in a specific portion of the property though. You have said nothing previously that would suggest that is the case. IF that is the case, then the answers may be different but that is not what you explained things to be.

I am really not sure why you keep putting words in my mouth. I clearly stated in my first question what my step-mother had and what I had. You don't seem to grasp exactly what it means to have a Life Estate. Nowhere in any of your links does it address the specific question I asked about property taxes and a life estate.

 

[justalayman]

=JoeV456;2937427]No. This is not what was said. I originally said she was given a "fractional Life Estate" for our portion of the property, which is 50 percent of the total property. You seem to think that this implies 1/6 ownership/responsibility. IT DOES NOT.

then cite law that supports your position. I have with mine.

The remaindermen do have a say-so in the sale of the property, and have other responsibilities, such as paying for improvements, but DO NOT PAY PROPERTY TAXES of any kind.

wow, you want to intermix the rights and responsibilities of a remainderman and a life tenant a bit more?