Legal Question in Wills and Trusts in Minnesota

Life Estates, Quit Claim and Tax Implications

When my mother in law bought her home in Minnesota in 1990 she named her daughter, my wife, as co-owner on the deed. In 1996 she conveyed and quitclaim the property to my wife reserving, however "to the Grantor a LIFE ESTATE in and to said property, she to have use of and income from said property during her natrual life." Last year she and my wife sold the home and my mother in law came to live with us. Does my wife have any tax responsibility for the proceeds of the home under the current situation?


Asked on 3/31/00, 5:23 pm

1 Answer from Attorneys
Charles W. Field Charles W. Field, Attorney at Law

Re: Life Estates, Quit Claim and Tax Implications

That is not a pure legal question; it is a tax question. Contact a local CPA.

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Answered on 4/18/00, 11:22 pm


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