Legal Question in Wills and Trusts in Minnesota

I would like to know more about "Life Estate". Who is responsible for the property taxes and the property insurance? If the property is sold and the profit is divided according to the Actuarial Table of the State of Minnesota what would the percentages be for the owners and the person living in the life estate agreement?

Thank You!


Asked on 11/03/09, 5:54 pm

1 Answer from Attorneys
Vicki Ahl Vicki M. Ahl, P.A.

The life tenant is responsible for the property taxes and property insurance. Proceeds from the sale would be divided and gain/loss would be realized in accordance with the IRS actuarial tables which base the percentages on the age of the life tenant and interest rates.

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Answered on 11/15/09, 1:58 pm


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