Legal Question in Real Estate Law in Maine

I have a fully funded Living Trust in Virginia in which is registered all of my real estate, in fee simple. I am looking for the legal way to convey (bequeath) my family Maine vacation property (eventually) to grandson G, while giving total use of the property to 40's daughters A and B, who really want it during their lifetimes, because 20's adult G presently does not have the income to support the property, but would eventually get the property to keep it in the family.

Is the (better) legal way for me to bequeath the property to G with a Life Estate to A and B, where A and B share the expenses of maintenance and repairs, along with any rental income during their lives, with the Estate in Remainder going to G at the death of both A and B, or do I give a Life Estate to A and B with the Estate in Remainder going to G, who would then own the property in Fee Simple?.

May A (or B) give up (renounce) their Life Estate to B (or A), or to G in which case does the expenses and income of A go to B (or the reverse, for example), or may both A and B give up their Life Estate to G during their lifetimes, along with shedding the paying of the expenses and receiving income, with the giving up of their Life Estate?

Asked on 6/08/13, 10:21 am

1 Answer from Attorneys

Jerome Gamache Ainsworth Thelin & Raftice, P.A.
0 users found helpful
0 attorneys agreed

The complexities of structuring a multigenerational transaction are beyond the scope of this type of forum. My partner Robert Raftice does do extensive planning of this nature and would be willing to field an initial call from you at no cost 207-767-4824 www.atrlaw.pro.

However, if your property is in a Trust, perhaps it is better to consider use of the Trust provisions to address the lifetime use and costs then transfer to grandchildren, rather than a probate transfer.

Regardless of the transfer format, you should be aware of possible/likely estate tax liability to be considered.

Read more
6/10/13, 5:48 am

Related Questions & Answers

More Real Estate and Real Property questions and answers in Maine

Looking for something else?

Get Free Legal Advice

8784 active attorneys ready to answer your legal questions today.

Real Estate and Real Property Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Timothy McCormickLibris Solutions - Dispute Resolution ServicesSan Francisco, CA
Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Barry SteinDe Cardenas, Freixas, Stein & ZacharyMiami, FL
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now