Caustic Burno":1qbv9d5p said:
Guess I'm behind the times too Dave. In the past a life estate was something someone retained for themselves when they SOLD property. Once they expired it expired. Use to be fairly common and may still be to deed property to children with parents retaining a life estate.Dave":3f901c3k said:Sort of the other way around. When the wife bought this place she gave to two old gals (84 & 80) a life time estate to continue living here. So we own the place but the old gals live in the house and have use of the barn and half the pasture (9 Llamas & 4 donkeys) as long as they stay here. Once they pass away or move out we have full control.
So in the mean time we are in a single wide on the property (just until we get something else bought) and we have control of half the pasture. She bought the place before we got married and got a heck of a deal based on giving the old gals the life estate. We plan to keep it and when we decide to seriously retire retire we will move back here.