Talk:Life estate
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As a financial advisor, I have recently run across a situation where a client was advised by and attorney to put her home and a rental property in a life estate for the purpose of Title 19 planning, telling her this will protect her assets from siezure due to a nursing home stay. I am very doubtful of this because it appears revocable, and she continues to collect rents, pay taxes, and in general enjoy the use and profit of these properties. Does anyone have any comment or experience in thei?
A life estate is a viable Medicaid Planning tool. Most states only recover for a nursing home lien against the institutionalized person's "probate estate". Since a life estate passes without going through probate, this asset is not subject to recovery. However, some states have enacted expanded estate recovery allowing recovery against the life tenancy (in MA where I practice law expanded estate recovery was repealed in 2005). In an expanded estate recovery state the value of recovery will depend on the assessed value of the home as well as the age of the deceased.
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[edit] Life Estate in Hawaii.....
A dear friend of mine would like to give me a Life Estate in a condo he owns and have the condo go to his alma mater upon my death. This may seem okay on the surface, but the condo is in horrible condition and would need to be completely gutted and renovated to even be rentable or livable. This is estimated to cost between $50-75k. Meanwhile there are taxes and monthly maintenance fees that will need paying.
It wouldn't seem worthwhile for me to accept this 'gift' since it looks like I will be receiving nothing but bills.
Anyone out there with some suggestions?
[edit] Proposed merge
Agree. There is little to say about life tenants that is not covered in life estate. Legis 17:04, 12 October 2006 (UTC)
[edit] life estate
I own a home, want to give my parents a life estate, however my father has creditor chasing him. If I give my father and mother a life estate in this home that I own is the property subject to liens. Are the collectable as long as my parents life. Do anyone have answeers to these concerns? —The preceding unsigned comment was added by 71.37.249.69 (talk) 13:50, 2 April 2007 (UTC).
[edit] life estate
I own a home, want to give my parents a life estate, however my father has creditor chasing him. If I give my father and mother a life estate in this home that I own is the property subject to liens. can the creditor collect anything while my parents live there ?. Do anyone have answeers to these concerns? —The preceding unsigned comment was added by 71.37.249.69 (talk) 13:52, 2 April 2007 (UTC).
[edit] Life Estate
My mother has property that there is two moblie homes on the property, one in her name and the other in my name, her moblie home was put on the ground in 1977, my home was put there in 1995, then in 2004 my dad died thus the property went to my mother, then in 2004 I paid her money for the property and she put my name on the deed along with my son's name and one other persons name on the deed, but she put a life estate on the deed at the time we did this it was told to me that mint she could live in her trailer on the property the rest of her life, now she wants me to move my trailer off of the property, this in fact due to new zoning laws would make it so that no one could put another moblie home on the ground which to me this would devalue the land currently. the other twist to this is that I have my trailer rented to the same people for the past 5 years, both my mother and dad had approved this rental what am I to do.
The other problem is that my mother is now 79 years old and not up to taking care of the part of the property she has now. —The preceding unsigned comment was added by 207.255.117.246 (talk) 00:50, 14 May 2007 (UTC).
[edit] Life Estate
I hope I get some answers here. My Dad never versed that he wanted to change his will, and in fact wrote in a letter to me that he would never change his will written in 2004. My sister died 7/29/07 and her daughter took Daddy to an attorney and wrote a new WILL giving her all his money, I would get what was left of his checking account, and a LIFE ESTATE in his home, and then to go to the neices after my death. (I am 70 years old, and my Dad is 96) Already this is a hardship for me, I have a lovely little home in Florida and love my neighborhood and friends. After he wrote this WILL he said he was sorry, and knew he was not in his right mind, and the neices have also gotten him to take every right away as the only living daughter. My question is really simple...How can you give a LIFE ESTATE in your home, if you have a "right of survivorship deed"...which would be me and my Dad. I thought that the DEED could be only changed by a legal action, is writing a new WILL a legal action.
I would love someone's answer...my DAD refuses to do anything now, he is deathly afraid of the neices.
Thanks so much if someone knows the answer. —Preceding unsigned comment added by 24.95.247.109 (talk) 21:47, August 28, 2007 (UTC)
[edit] Notes about talk pages
This page is for discussing the content and condition of the wikipedia article Life estate—it is not a forum for seeking free legal advice. Dick G (talk) 06:45, 10 January 2008 (UTC)
[edit] life estate
my mom has a life estate with my sister and myself on it. She wants to sell it and move into assisted living. Does she have a 25 % intrest in the money that we get for the house? The reason i ask is she will lose medicade for 5 years if she needs it. —Preceding unsigned comment added by 69.113.2.204 (talk) 23:44, 19 January 2008 (UTC)
[edit] Life estate
'A' owns a home worth $100,000 and enters into a Life Estate with his 2 sons ('B' and 'C').
Before 'A' dies, 'C' gets divorced.
'A' dies and both 'B' and 'C' want to sell the home and distribute teh proceeds 50 / 50.
Does 'C's former wife have legal rights to half of 'C' value (E.G. $50,000) ?? —Preceding unsigned comment added by 24.62.120.75 (talk) 23:15, 15 February 2008 (UTC)
[edit] Life Estate for 87 year old
Would a life estate be an appropriate tool in a situation - ? My husband has died - I am 87 years old and in poor health requiring a live-in CNA. I have enough $$ to stay here with help for about 3 more years without touching my house. This is with my 2 daughters doing the shopping and taking care of paying household bills and taxes. I can see myself maybe needing nursing home care at some point and would like not to lose my home and to keep at least that for my daughters. Id this possible using the life estate? Does anyone widh to share their thoughts on this? Thank you. —Preceding unsigned comment added by 71.235.78.155 (talk) 01:08, 12 June 2008 (UTC)
