Legal Question in Real Estate Law in California
My parents and I have a Life Estate Deed on a rental home in California. I am listed as a Remainderman and my parents are the Life tenants. The property is in a less than desirable location and my parents and I would like to sell/transfer the property to another state (Utah) where I can manage the property/rents. Can a 1031 exchange be used with a Life Estate Deed? And would the Life Estate Deed carryover to the new state?
1 Answer from Attorneys
Your parents created quite a mess by using a Life Estate. If that was part of a well advised carefully thought-out estate plan (which is hard to imagine, but not impossible) then you need to return to the attorney who put the plan together and get advice on how to deal with this. If, as is more likely, your parents got some bad information and decided life estates somehow were a good idea for amateurs, your best bet is to grant deed it back to your parents and go see a good estate planning lawyer.
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