Life interest definition

Life interest means the right, upon payment of an entrance fee, to receive continuing care for life.
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Life interest means a life lease, life membership, life estate, or other similar agreement between a purchaser and a facility by which the purchaser pays a fee for the right to occupy a space in the facility for life.
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Life interest means a type of real property ownership that gives the owner the use of the property or the right to income generated by a property during the lifetime of the owner, or both.
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Examples of Life interest in a sentence

  • Life interest legacy income is recognised at the date of death of the life interest provided the receipt and value criteria are met.Trading activities Income from trading activities includes income earned from activities to raise funds for the charity.

  • Life interest / remainder interest is a way to transfer and hold real property or other assets so that you have control of the asset and receive all income from the asset during your lifetime, and on your death, the remainder (capital interest) automatically goes to the surviving remainder interest holder without being part of the deceased’s estate.EXAMPLE 2: John and Mary Smith want their farmland to go to their only child, Sara.

  • Similarly, Housing board of the state acquire and develop land and lease plots for residential development.• Ownership By Mortgage : It may be legal or equitable ownership.• Vested or contingent Ownership : Life interest holder can be both owner and occupant.

  • Notably, the ICJ has estab- lished a practice of avoiding conflict of interests of the international Judges, which will contribute to the perfection of the ICSID Rules.

  • New Shareholders (the child/ren who want to farm or a family trust) then purchase common shares for nominal consideration and the future growth of the corporation goes to them.• Full freeze – you give up all future growth.• Part freeze – you give up part of the future growth.• Life interest / remainder interest is a freeze on property value.

  • Vulnerability and CRI/SOC: (i) Between number of Minor accidents and PHY and Life interest, (ii) between Accident proneness and EMO and Predictability,(iii) between accident Probability (%) and Life interest, and (iv) between PHY and Life interest (Figure 1).

  • Life interest in four closes of pasture outside the south gate of Chichester, Sussex.

  • Life interest is $6,172 which is less than the annual $12,000 gift exclusion.

  • Life interest in rent of £120 p.a. from these lands, issuing from a tripartite indenture between Viscount Lisle, Thomas Cromwell and Sir John Dudley.

  • Financial difficulties, cultural norms and 3 Life interest in property refers to a form of right of use that lasts only for the lifetime of the person to whom it has been granted.


More Definitions of Life interest

Life interest means an interest conveyed to Land and/or property for residential purposes for the duration of another’s life or one’s own life.
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Life interest. – this means that someone has an interest in an asset for a lifetime. When creating a life interest, one must also state what happens when the life interest dies = “the remainder” and goes to the “remainderperson”.
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Related to Life interest

  • Income interest means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.