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Life Rights |
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what does life rights mean? my father put my brother and me along with 3 half sisters on the deed to his vacation house ,leaving himself with life rights.he wants to know if we could sell and split the profit 6 ways???his 3 daughters want to wait till he dies so he gets zero and the told him he would only get a percentage as he is no longer a owner.he already gave the 3 daughters his main home wich left him with no money and no property. both homes were worth over 500,000.00 each with no morgage for over 50 years. as you can see he has more heart than brains so what does life rights actually mean?the deed does not define it. |
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Without knowing exactly the wording on the deed he signed, I can't say just what your father's life rights are. But I'm sure the place could be sold and the proceeds divided -- the IRS has guidelines as to just what percentage is attributable to your father's interest (based on his life expectancy!) and what portion should go to the other owners. You can get better information from a lawyer who can look over the documents involved, but the short answer is yes, the place can be sold, and the proceeds would almost certainly have to be divided. |
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Edith
Originally published on September 24, 2007 |
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