Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY)

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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

To the best of my knowledge, 'probable life' is used to determine the valuation. 

Although I've never had to do one, I believe the attorney and appraiser work hand-in-hand (and the life tenant) to determine the value here in NC.

Sep 05, 2018 09:25 AM
Rainer
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Susie Kay
Ultima Real Estate - Plano, TX
North Dallas Specialist

I have no idea.  Perhaps this is something that you can discuss with their estate planning attorney or elder law attorney. I know with life estate he can pass on the home to the children and avoid probate. 

Sep 05, 2018 09:29 AM
Rainmaker
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I would have no idea how to do this... never in 25 years had to. But this sounds like something that needs to be handled by and appraiser in conjunction with an attorney.

Sep 05, 2018 09:28 AM
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Andrew,

I would enlist the help of a CPA or attorney who has a specialty in actuary science.  A

Sep 05, 2018 09:26 AM
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Fred Griffin, on leave of absence from ActiveRain
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

    I would call in an Appraiser for an opinion of value.  

    But first I would consult a real estate attorney who is experienced in life estates.   Also, a principal residence/homestead in my state of Florida can present serious legal challenges.

 

Sep 05, 2018 10:16 AM
Rainmaker
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Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

In Maine, easy peasy with a table for life estate, remainder interest and you dial in age of the life estate holder, multiple the number by the purchase price and voila. Otherwise, everyone waiting, placing bets on when the life estate is going to expire... literally. Cash for keys to sign off another option.

Sep 05, 2018 09:48 AM
Rainmaker
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Richard Weeks
Dallas, TX
REALTOR®, Broker

I wish we knew.

Sep 05, 2018 09:11 AM
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I will have to watch for the answers by others. 

Sep 05, 2018 08:34 AM
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Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Parked.Thinking and waiting for answers.

Sep 05, 2018 12:07 PM
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

I have never listed such a property. 

Sep 05, 2018 10:49 AM
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

no clue

Sep 11, 2018 03:14 PM
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Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

I'm with most of the rest - no clue and sounds like the need for an accountant and/or an attorney - out of my wheel house for sure

Sep 05, 2018 01:12 PM
Rainmaker
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Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Don't have 'life estate' in AZ. So I don't know.

Sep 05, 2018 01:06 PM
Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Absolutely no clue is my best answer!

Sep 05, 2018 12:30 PM
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Above my pay grade

Sep 05, 2018 11:48 AM
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

I have no idea and have had no experience with this. I would think an appraiser and perhaps an attorney and CPA need to be involve

Sep 05, 2018 11:26 AM
Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

I would leave that to the elder care attorney and a fee appraiser....beyond what a real estate agent should handle....

Sep 05, 2018 11:25 AM
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I have not heard of this, and have not run across this over my years in real estate.

Sep 10, 2018 07:38 AM
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

There is an actuarilal table that looks like it peeks and starts going down at around 78. I have a friend in this situation and it would actually pay off for her to move out and let the place be sold. It would be money in the bank and none of the expensive upkeep to keep draining her monthly income.

Sep 06, 2018 09:39 PM
Rainmaker
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Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Most attorneys  we know do not recommend them...we have dealt with them a few times...every time...the person and the heirs each had a different idea as to who got how much and when and who paid what taxes. I know in Wisconsin and I suspect other states, it is an actuarial calculation of the length of the life of the person "in possession"...mess, mess, mess.

Sep 06, 2018 07:49 PM
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Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

I would determine that by calling a real state attorney for advice. 

Sep 06, 2018 08:56 AM
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Ed Schoen
Schoen Homes - Princeton Junction, NJ
Best Real Estate Agent in Mercer County NJ

For info visit Ed Schoen

Sep 06, 2018 05:58 AM
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I don't know.

Sep 06, 2018 05:50 AM
Rainmaker
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Thomas J. Nelson, Realtor e-Pro, CRS, RCS-D, Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

I've never heard of or been faced with a "life estate". We must call them something different here?

Sep 05, 2018 10:06 PM
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Why don't you invite an independent appraiser Andrew Mooers | 207.532.6573 ?

Sep 05, 2018 09:32 PM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

we figured the value in real estae school on one, but in the real world I wouldn't buy a life estate and I don't expect anyone else would either.

Sep 05, 2018 08:06 PM
Rainmaker
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Dan Tabit
Keller Williams Bellevue - Sammamish, WA

I would seek help. I've never done this and wouldn't know where to begin. 

Sep 05, 2018 05:04 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Time to find someone with more experience in this than I have, first call would be to our broker.

Sep 05, 2018 05:00 PM
Rainmaker
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

If I understand this...the property is worth one price via market and apprasial forces and when someone can have it is subject to a death

Sep 05, 2018 04:25 PM
Rainmaker
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Wow, out of my league.

 

Sep 05, 2018 03:30 PM
Rainer
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Don Baker
Lane Realty - Eatonton, GA

who would buy someone else's life estate?

Sep 05, 2018 03:26 PM
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Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

CPA question.

Sep 05, 2018 02:46 PM
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I agree with Nina.

Sep 05, 2018 12:56 PM