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Owning mineral rights (often referred to as a "mineral interest" or a "mineral estate") gives the owner the right to exploit, mine, or produce any or all minerals they own. Minerals can refer to oil, gas, coal, metal ores, stones, sands, or salts. An owner of mineral rights may sell, lease, or donate those minerals to any person or company as ...
Life estates can provide effective means to create joint ownership of property, avoid probate and transfer property after death without incurring gift taxes. Parents commonly use them to bequeath ...
The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
An executory interest is a future interest, held by a third-party transferee (i.e. someone other than the grantor), which either cuts off another's interest or begins some time after the natural termination of a preceding estate. An executory interest vests upon any condition subsequent except the natural termination of the original grantee's ...
The federal estate tax kicks in for estates worth over $13.61 million in 2024 and $13.99 million in 2025, but state estate taxes often have much lower thresholds.
Ultimately, you must find out what her legal rights are under your mom's estate plan. If you find she has an ownership interest, decide if it makes sense to sell, buy her out, or work out another ...
A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum than he has (such as the owner of a fee simple granting a life estate or a leasehold estate).
The property in a life estate pur autre vie can be sold, mortgaged or leased by the life tenant to another person with the approval of the third person or beneficiary.