Legal Question in Wills and Trusts in Illinois
Forfeiting a life estate
My father was left land for his lifetime only. My two brothers and I are the remaindermen. The estate has been in probate for the past 7 months and estate taxes will be due here shortly. Is it possible for my father to forfeit his life estate interest? If so, will the land become the property of my two brothers and myself fee simple after estate taxes are paid and probate closes? We are concerned with the hefty estate taxes and property taxes. My father cannot afford the property taxes and we cannot afford the estate taxes and none of us can do anything with the land. It seems that we all inherited a tax debt. Thank you in advance for any help that anyone might be able to give.
1 Answer from Attorneys
Re: Forfeiting a life estate
My first question is: what has tied this estate up in probate for 7 years?
Next, where is the estate being probated? And where is the land?
Have you discussed this dilemma with the estate's attorney? What has been his recommendation (or the judge's?)
Lastly, where did the person die who left this land (county and state)?
You will need to provide answers to these questions before someone can give you at least some direction or options.
Your question leads to more questions in my mind, such as: is the land the only asset of the estate? Were there other assets available to pay the estate tax?
It is likely that an attorney will need to review the trust document, the estate tax return and the probate file before being able to give you a solid answer.
Please let me know if I can assist you.
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