Keyword Search Result: life estate

The Ins & Outs of Life Estates

The Facts: My mother deeded her house to my brother, Joe, and I and retained a life estate. The Questions: Can Joe and I sell the house to pay for our mother’s care? The Answer: You and your brother can sell the house but, only with your mother’s consent. Based upon her life estate, your […]

Some Implications of a Life Estate

The Facts: My father has decided to gift his house to me and my brother and to retain a life estate for himself. This is part of his Medicaid planning. The Question: What are the advantages and disadvantages of making this transfer? The Answer: The advantages of putting the house in your names now is […]

Estate Planning With a Trust and Life Estate

The Facts: My father is planning on putting his house into an irrevocable trust and naming me as trustee. He will be naming my sister and me as beneficiaries of the trust. The Questions: Can my father sell his house once it is in the trust? If my father goes into a nursing home, can […]

There are Always Strings Attached….

Thinking about putting your children’s name on the deed to your house? Think again. Although giving your children your house and reserving for yourself a life estate may seem like an excellent strategy to avoid probate, there are significant downsides. The most obvious is the loss of control. Once you put your children’s names on […]

Should the House be Put in an Irrevocable Trust?

The Facts: My elderly father is putting his house into an irrevocable trust and naming me and my brother as beneficiaries of the trust. The Questions: If my father decides to move out of his house, will we be able to sell the house while my father is still alive? Would it be better if my father […]