Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2017

Property Tax Annotations

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Annotation 625.0120.005

625.0120.005 Life Estate. Upon the death of husband, Parcel C, a community property, is transferred from a joint revocable trust to a marital trust. Wife, as the surviving spouse, is the sole beneficiary of the marital trust for her lifetime, with remainder to the children. After being transferred to the marital trust, Parcel C is sold to an irrevocable trust whose sole lifetime beneficiaries are husband and wife's children. In this case, the sale of Parcel C is a sale by the life tenant wife of her life estate during her lifetime and thus wife would be the transferor since she is the holder of the present beneficial interest at the time of the sale. Children would be the transferees as they are the sole lifetime beneficiaries of the irrevocable trust when it bought Parcel C. Therefore, this transfer is a parent-child transfer and may be excluded from change in ownership, assuming a timely claim is filed and all other requirements are met. C 8/19/2013.