Posted: Fri Aug 14, 2009 4:04 pm Post subject: Taxes?
I forgot to ask if I am responsible to pay property tax just because I inherrited a "life estate"? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
The owner of the property is responsible for paying the property taxes. As you only have the life estate rights, I don't think you would be liable for these taxes. However, you can always share the property taxes with the owner and pay a part of it. _________________ Procrastination is the enemy of your financial sucess
A life estate holder has a duty to the remainderman (who takes when you die) not to commit "waste" on the property. Waste would include failure to make necessary repairs, to pay the mortgage, and to pay the taxes. _________________ Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.
adonis
