Relinquishing a life estate
Updated: Feb 27
In rare situations, you may want to let go of the life estate you were granted to avoid paying the property taxes. A quit claim deed may do the trick to clear the cloud on title which in this case is your life estate. The excise tax exemption for this type of transaction is not clear, but it may be considered a rescission or inheritance.
A better option may be to rent the property, but as always speak with an attorney first.