Inheritance and Property Rights/Life tenant

Advertisement


Question
I live with my Gather in the house I grew up in.
It's been paid for years.
My Father made me Life Tenant in his Will.
When My Father passes on will I have to pay some sort of inheritance tax? Or any other tax?
I have been Living in the house as long as my Father, 47 years.
I live in Delaware County Pennsylvania.

Answer
No inheritance tax but are you sure about who is the life tenant?   Usually the elder parent deeds the house to the kids and reserves a life estate for himself.  You described just the opposite so I'm not sure what interest your father retained here -- if you are really a life tenant then what happens upon his death?  The house would have to go through surrogate/probate proceedings to deal with his interest, which is subject to your life estate interest.  

The usual way would be deed you the house, he reserves in himself a life estate, and upon his death you take the house free & clear of any interest of his and it need not go through court.

Take another look at the deed -- that's what counts.  

Inheritance and Property Rights

All Answers


Answers by Expert:


Ask Experts

Volunteer


LEE HORNER ESQ.

Expertise

Probate estate and trust questions regarding California and Arizona estates.

Experience

I've been practicing real estate, probate estate and trust law in California since 1985 and in Arizona since 2005. I do NOT do homework questions. I am unable to advise on questions involving the laws of other states.

Organizations
Arizona and California State Bar Associations and the Ninth Circuit Court of Appeals.

Education/Credentials
Business degree from the University of New Mexico Juris Doctorate from Lincoln Law School of Sacramento, CA

©2016 About.com. All rights reserved.