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  • Trusts and estates can be enormously complicated and extremely specific to the exact terms of your particular contract. It would be almost impossible to offer you advice in this forum.

    A life estate is a legal concept used to designate the ownership of land for the duration of a person's life and is usually used to avoid probate upon death.

    To figure out how to best achieve your goals for the property and for your son, it would probably help you to consult an attorney. NewRetirement has some resources that may help you locate a reliable resource:

    --> Estate Planning Resources:

  • Login to rate this answer:   Answered on 10/10/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.