Yes, they can place a lien on real estate. That may mean they get nothing if the individual dies, because they can only lien on the rights of that individual.
Yes, with a but. As long a a beneficiary is named for the policy and that beneficiary is alive then creditors cannot touch the proceeds. If a beneficiary is NOT named or has died, then the benefits are paid to the INSURED persons estate. A persons estate will go to their next of kin, but NOT before creditors take what is owed to them.
No. Life insurance is paid the the beneficiary named in the policy, your creditors have no claim against the insurance proceeds EXCEPT if the proceeds are paid to your estate.
Generally, no. So long as a beneficiary is designated the Policy does not need to be and should not be included as part of an estate. The Policy proceeds or "death benefit" is the property of the named beneficiary, they are not the property of the deceased and therefore not a part of the decedents estate. Only when the Insured failed to designate a beneficiary or no eligible beneficiary is available would the Life Insurance Policy proceeds revert to the named insured and then be included in the Estate.If the policy was owned by someone other than the deceased, the insurance proceeds will not be part of the estate.Since estate taxes (when applicable) can be as high as 55% and the claims of creditors can take an entire estate, it is very important to consult an experienced lawyer prior buying any life insurance policy to ensure that the proceeds go to the heirs and not to pay taxes or the deceased's creditors.
Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.
Not if you are smart about it. You do not have to pay his debts through his insurance policy. Inheritance may be another thing. The credit company could put a lien on the estate. The insurance policy is NOT the estate. Y-THINK-Y
A lien against the fee owner, or remainder person, will be subject to the life estate.A lien against the fee owner, or remainder person, will be subject to the life estate.A lien against the fee owner, or remainder person, will be subject to the life estate.A lien against the fee owner, or remainder person, will be subject to the life estate.
no
A life estate grants the right to the USE and POSSESSION of real property for life. The holder of a life estate is not the owner of the property. Therefore, you cannot take possession of the property and sell it if you have a judgment lien only against the life estate holder. If you have a judgment lien against the owner of property that is SUBJECT TO the life estate of someone else, the property would remain subject to the life estate if you took possession and tried to sell it. You would need to find a buyer who is willing to honor the existing life estate.
You need to add more details. If your mother is a patient at a facility and the state is paying the bill it may have the authority to place a lien on the property and sell it if all your mother has is a life estate. You need to speak with an attorney in your area.
No. However, it depends on the type of liens. Liens against the fee owner can be recorded but may be subject to the life estate. Property tax liens take effect in spite of a life estate. You need to be more specific as to the type of lien and who is the debtor.No. However, it depends on the type of liens. Liens against the fee owner can be recorded but may be subject to the life estate. Property tax liens take effect in spite of a life estate. You need to be more specific as to the type of lien and who is the debtor.No. However, it depends on the type of liens. Liens against the fee owner can be recorded but may be subject to the life estate. Property tax liens take effect in spite of a life estate. You need to be more specific as to the type of lien and who is the debtor.No. However, it depends on the type of liens. Liens against the fee owner can be recorded but may be subject to the life estate. Property tax liens take effect in spite of a life estate. You need to be more specific as to the type of lien and who is the debtor.
Yes, they can place a lien. The property still has value and the life estate doesn't effect that.
That depends on several factors, especially the time line of its creation, but it may become part of the bankrupt's assets subject to creditors but the creditors may take it subject to the life estate.That depends on several factors, especially the time line of its creation, but it may become part of the bankrupt's assets subject to creditors but the creditors may take it subject to the life estate.That depends on several factors, especially the time line of its creation, but it may become part of the bankrupt's assets subject to creditors but the creditors may take it subject to the life estate.That depends on several factors, especially the time line of its creation, but it may become part of the bankrupt's assets subject to creditors but the creditors may take it subject to the life estate.
Yes, with a but. As long a a beneficiary is named for the policy and that beneficiary is alive then creditors cannot touch the proceeds. If a beneficiary is NOT named or has died, then the benefits are paid to the INSURED persons estate. A persons estate will go to their next of kin, but NOT before creditors take what is owed to them.
You cannot place a lien on the real estate since the life estate provides only the right to the use and possession of the real estate during the life of the life tenant.If the rights under the life estate are transferred, those rights last only during the life of the original life tenant. The life tenancy is extinguished upon the death of the original life tenant. That makes a life estate difficult to sell and difficult to assign a value. It has value only to the extent that someone will pay for use of real estate during the life of the life tenant, for an uncertain period. There is not an active market for the sale of life estates.You should consult with an attorney in your area who can review your situation and explain your options.
Generally, yes.
In NC if the life estate person moves out does that break the life estate so the remainder of the owners can sell the the house and land
The life estate is typically attached to the real property (the land/house) only. The goods in the house are distributed according to the will and normally, the expectation is that the person receiving the life estate has the goods in the house already. Example, mom gets a life estate in the house after dad dies. Mom inherits everything in the house from her husband and can do what she wishes with it, including sell it, unless the will specifies otherwise.