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Life Estate, Revocable Trust or Joint Tenancy /w Survivorship Rights

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Apelila

Junior Member
First, let me say I'm in Arkansas. My father passed away leaving my brother and I 2.22 acres of land. It's worth about 20k. Now my problem is I need to get it into someone's name. I live on the property with my husband and daughter and my brother lives in Chicago. I have an Affidavit For Collection Of Small Estate By Distributees naming me the Administrator of the estate and he and I as the persons entitled to receive the estate. Thing is, the real estate taxes are outrageous and I need to be able to list it as my homestead to cut some of this cost down. Also, I need to make sure that if anything were to happen to me the property would go directly to my brother and no one else. I've gotten 3 suggestions: life estate, revocable trust and joint tenancy with rights of survivorship. Honestly, I don't know much about these or what other options we may have. My brother will go along with whatever I decide, which makes it harder. :) And... I was told that Arkansas is not a community property state so my husband has no claim to the property but things could change at any time and need to make sure that if we were to divorce he could not touch it and if something happens to me my brother receives the property in its entirety.

Key factors:
The property must become my brothers at my death.
I need to be able to claim it as my homestead for tax purposes.
If I go thru a divorce the property must remain untouched.

EDIT: Not a huge deal but what if while living on this property I want to replace the existing trailer with a new one?

Thank you for your time
 
Last edited:



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