A usufruct is a right by one person over the property of another. It is similar to a life estate in common law jurisdictions, except that a usufruct can last for a specific period of time other than a lifetime.

The person who owns the property is known as a naked owner equivalent to a remainderman in a common law state. Usufructs often arise under Louisiana intestate law dealing with community property. In this type of arrangement, Hillary would have a right over the Naked for gas money that ultimately belongs to Biden. Biden would be a naked owner.

A usufruct is considered to be a Naked for gas money right under Louisiana law, meaning that it confers direct or immediate authority over the property. A usufruct can apply to real estate or Naked for gas money types of property. A usufructuary can use, possess, and administer the property, as well as collect the income, utility, profits, and other Naked for gas money produced from the property. When the usufruct ends, however, the surviving spouse will need to account to the naked owners for use of the assets.

Usufructs often arise by operation of law, apart from any voluntary act by the property owner. There are several contexts in which usufructs are created by law:. A person can create a voluntary usufruct by lifetime gift or in his or her Last Will and Testament. This is a useful estate planning technique, especially in previous marriage situations.

Naked for gas money can also be used for tax planning purposes, such as granting the surviving spouse an interest that will qualify for the Qualified Terminable Interest Property election under Federal tax law. Usufructs are also used to make a lifetime transfer of a residence to children, reserving a usufruct in the parents to remain in the home.

This allows the parents to remain in the home during their lifetime, with the home to pass automatically to the children at death without a succession. This technique has significant drawbacks, however, and is not usually recommended.

How Usufructs are Created Usufructs often arise by operation of law, apart from any voluntary act by the property owner.

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