Legal Question in Wills and Trusts in North Carolina

Re: Life time rights

One method of giving someone a lifetime right to a property is to deed the property to the children, retaining a life estate interest in the property for the duration of the grantor's life. If this is done, then the life tenant has the right to occupy the property, earn any rental income generated by the property and essentially do any act that would not injure the property or reduce its value. Life estates are frequently created by seniors who are concerned about long-term care planning, yet who wish to retain control over the property until they have passed away. To create a life estate, you would need to have a deed drafted by an attorney. Additionally, there could be some gift tax consequences which an attorney can discuss with you.