Hazards of Basing an Estate Plan on Successive Life Estates

dc.contributor.author Harl, Neil
dc.contributor.department Iowa State University Digital Repository
dc.date 2018-02-19T04:03:36.000
dc.date.accessioned 2020-06-29T22:55:57Z
dc.date.available 2020-06-29T22:55:57Z
dc.date.embargo 2017-11-27
dc.date.issued 2009-09-18
dc.description.abstract <p>Recent reviews of two fact situations, hundreds of miles apart and both the products of planning a half century or more ago, illustrate the hazards of using a deceptively simple estate plan – basing the plan on successive life estates.<strong>1 </strong>The strategy often involves unexpected federal estate tax consequences,<strong>2 </strong>federal gift tax problems,<strong>3</strong> income tax basis complications<strong>4 </strong>and assorted problems relating to like-kind exchanges, involuntary conversions and easements, to mention just a few of the more likely events occurring during the term of the life estates. Although often viewed as more complex (and costly to set up), a carefully drafted trust generally provides a more satisfactory platform for intergenerational transfers than successive life estates.</p>
dc.identifier archive/lib.dr.iastate.edu/aglawdigest/vol20/iss18/1/
dc.identifier.articleid 1992
dc.identifier.contextkey 11155733
dc.identifier.s3bucket isulib-bepress-aws-west
dc.identifier.submissionpath aglawdigest/vol20/iss18/1
dc.identifier.uri https://dr.lib.iastate.edu/handle/20.500.12876/3477
dc.source.bitstream archive/lib.dr.iastate.edu/aglawdigest/vol20/iss18/1/AgLawDigest_v20n18_01.pdf|||Fri Jan 14 17:51:19 UTC 2022
dc.subject.disciplines Agricultural and Resource Economics
dc.subject.disciplines Agricultural Economics
dc.subject.disciplines Agriculture Law
dc.subject.disciplines Public Economics
dc.title Hazards of Basing an Estate Plan on Successive Life Estates
dc.type article
dc.type.genre article
dspace.entity.type Publication
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relation.isOrgUnitOfPublication d2bcee6c-7cba-4fa7-bd11-543354ce7b1b
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