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In: Economics

Walter's mother, Louise, has lost her home in a flood. Walter wants to make sure that...

Walter's mother, Louise, has lost her home in a flood. Walter wants to make sure that his mother has somewhere to live for her remaining years and wants to allow her to have an ownership interest. Walter owns a plot of land near where his mother's home used to be. Walter wants to offer the land to his mother to own. However, Walter also wants to retain an ownership interest, so that he can build his own retirement home there one day. Explain what type of ownership interest Walter should establish to meet his goals of providing the land to his mother while still having an ownership interest in it.

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Expert Solution

Walter should establish a life estate to meet his goals. A life estate grants an ownership inland for the lifetime of a specified person. Walter should grant Louise a life estate in the land. Louisecan live there until she dies. Walter will have a reversion interest in the land, so he will be able to use it however he pleases after his mother passes.

Rahul Sunny answered 2 years ago
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