What are the Benefits of Owning a Life Estate?
When people think about estate planning, life insurance and wills are typically the first things that come to mind. However, there is another option that can be just as effective – a life estate. A life estate is a legal agreement in which a property owner transfers ownership of a property to another person for the duration of their lifetime. This can be a great option for those who want to avoid probate and ensure their heirs receive the property when they die. In addition, a life estate can also provide some tax benefits. What is a Life Estate? A life estate is...
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