Tag: Life Estate Deed
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Transfer Current Deed When Moving to Senior Care: Wise Move or Not?
You’re thinking of transferring the deed to your home and moving to an assisted living community. Is this a good idea? Can it keep the deed from being taken over to pay for care? Is it the best way to get the deed to your chosen beneficiaries and keep the transfer from becoming a probate…
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Can a Life Estate Be Challenged?
Regular Deeds.com readers know that signing a gift deed to an adult child can have tax drawbacks. A life estate can be the answer. And it avoids any concerns that the deed will go into probate after death—perhaps to be challenged by others. But sometimes, a relative might come along and challenge the life estate!…
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Medicaid Estate Recovery: Is Your Deed Safe?
If you qualify for Medicaid, you don’t have much money in your accounts. But you’ve held onto your deed. Maybe your adult children are helping with household expenses, expecting the home to stay in the family. But will it? Or will Medicaid claim your home after your death—as repayment for benefits extended to you while…
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What Is an “Implied Life Estate” and Why Should Heirs Know?
Our readers will recall that creating a life estate is a way to divide property ownership, with a resident keeping a home throughout their lifetime and then passing a “remainder interest” on to someone else upon death. When the person who lives in the home passes away, the owner of the remainder interest may have…
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How It’s Going: The Rise of the “Transfer on Death Deed”
Homeowners looking to pass property to the next generation are increasingly asking about transfer on death deeds. These deeds aren’t new. But they are a relatively new option in a number of states. Many people only know about them when their state lawmakers decide to introduce them. Today, more than 30 states allow for a…
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A Deed for a Dollar: When It Works, When It Doesn’t
Maybe you’ve thought about “selling” your home to your adult child for a dollar. The legendary probate workaround. No gift, no gift tax, right? And you’ve passed on your home without probate. Easy peasy! Wait a minute. Are you sure you didn’t just rack up a six-figure tax bill for your child when she decides…
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Consider This Before Creating a Life Estate Deed
Say you decide you’d like to stay in your home for life. After all, with the costs for assisted living going through the roof, holding your deed might be the best senior living plan! You can certainly draw up a life estate deed, and convey your property into a co-ownership with someone — a friend,…
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Life Estate Deed or Living Trust: Which Path Is Right for Your Home?
It’s never too soon to plan out the transfer of your deed after you pass. One way to do it? The tried-and-true method of writing your last will and testament and including your home in it. You have other choices, though. The life estate deed and the living trust are popular vehicles for a deed…
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When a Co-Owner Has Dementia: What’s Ahead?
Do you co-own a home? Then you could one day be asking if your deed can be signed over to someone else if either co-owner develops dementia. You might even want to transfer the deed entirely, and move to a place that will be easier on one or both of you. Let’s take a look…
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I Deeded My Property to Someone Else. Can I Revoke My Gift?
Giver’s regret isn’t unusual. A desire to void the gift of a home after transferring the deed could happen for various reasons. Perhaps you recovered from a serious illness and could really use that home after all. Or maybe your tax expert told you that letting someone wait to inherit your home would be better…
