Handling a “Split-Interest” Arrangement With a Life-Estate Preceding a Charitable Remainder for Farms and Personal Residences
Date
2014-10-03
Authors
Harl, Neil
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Abstract
The rapid run-up in farm and ranch real estate values in recent years has resulted in some property owners considering a charitable contribution but often with a life estate for the surviving spouse.1 That result was made possible by an amendment in the Tax Reform Act of 1969.2 Such a plan can be implemented rather simply with a legal life estate followed by a remainder interest to the charitable organization.