{"id":1162,"date":"2021-01-01T11:00:30","date_gmt":"2021-01-01T16:00:30","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1162"},"modified":"2024-04-25T23:20:05","modified_gmt":"2024-04-26T03:20:05","slug":"the-life-estate-deed","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/the-life-estate-deed\/","title":{"rendered":"The Life Estate Deed"},"content":{"rendered":"\n

Does It Fit Into Your Estate Planning? <\/strong><\/em><\/p>\n\n\n\n

\"Image<\/figure><\/div>\n\n\n\n

Have you thought about transferring your home into a\nco-ownership, so the person you\u2019d like to have your home certainly will have it\nafter you pass away? Whether you want to leave your house to an adult child or\nchildren, or to another relative or friend, a life estate<\/em> might be right\nfor you.<\/p>\n\n\n\n

It works like this. Owner A., called the life tenant, can live\nin the house for life. Then, Owner B. gets the \u201cremainder\u201d of the ownership. So,\na deed stating the property goes “to Ann Smith for life, then to Ashley\nSmith as the remainder” vests Ann with a life estate, and Ashley with the remainder.\nAnn signs the deed, and has it recorded in the county where the house is. Voil\u00e0! The home avoids\nprobate, ownership is transferred into both names, yet Ann has a lifelong place\nto live on her terms.<\/p>\n\n\n\n

Without Ann\u2019s express consent, Ashley may not move in during\nAnn\u2019s lifetime. Ann is free to make upgrades to the home, or even use it for\nrental income. <\/p>\n\n\n\n

But Ann becomes, in effect, the steward of the property for\nthe future benefit of Ashley. Ann must cover all the bills: utilities,\ninsurance, property taxes and repairs. Ann also gets the applicable tax breaks,\nand the homestead exemption for a primary residence, in states that offer it. <\/p>\n\n\n\n\n\n\n\n

Averting Life Estate Pitfalls; Considering Alternatives<\/h2>\n\n\n\n

Of the two co-owners, it\u2019s presumed that Ann, the life\ntenant, will outlive the deed\u2019s beneficiary, Ashley. But what if Ashley\nunexpectedly dies first? <\/p>\n\n\n\n

Should that happen, the property will pass to the Ashley\u2019s\nheirs. In other words, if you establish a life estate for yourself, intending\nto pass ownership to a particular person, you could inadvertently end up\nco-owning with that person\u2019s heirs instead. It\u2019s something to think about\nbefore creating a life estate, as it will be too late to change once the joint\nownership exists. <\/p>\n\n\n\n

What can the life estate holder do to avoid this inflexible\naspect of the life estate deed?<\/p>\n\n\n\n

Lady Bird Deeds<\/h3>\n\n\n\n

Check for enhanced life estate<\/em>\ndeeds in states that allow them. In contrast to the standard life estate, the\nenhanced form, known as a lady bird deed<\/em>, lets the life tenant mortgage\nor sell the property, change the beneficiary, or revoke the deed. The\ninvolvement of the co-owner (or co-owner\u2019s spouse) is not necessary. Because\nit\u2019s not an actual, final conveyance during life, an enhanced life estate also\navoids gift tax. Texas, Vermont, Florida, Michigan and West Virginia allow\nlady bird deeds to shield your home value, and other states have common-law\nprovisions or allow for trusts with similar effects.<\/p>\n\n\n\n

Transfer on Death Deeds<\/h3>\n\n\n\n

Your state may have created other\ndeed forms that bypass probate yet allow you to keep control over your property\nduring life. The transfer\non death deed<\/a><\/em> (beneficiary deed) lets you name a\nbeneficiary. You can revoke or change this whenever you wish while you\u2019re\nliving. Upon your passing, your house will automatically pass to the designated\nbeneficiary on the deed.<\/p>\n\n\n\n

Wills and Trusts<\/h3>\n\n\n\n

If your state offers neither of the\nabove, you could consider creating a life estate through a will or trust. A revocable\nliving trust can pass the house to your beneficiary, without probate, after\nyour passing. Or you could bequeath\nthe house through your will<\/a>. <\/p>\n\n\n\n

A few final words on potential hitches with the life estate\ndeed. Because it creates a co-ownership, the joint owners can impact each\nother\u2019s financial lives. The life tenant can\u2019t lose homeownership rights, but could\nwind up thrust into the middle of a remainder holder\u2019s divorce case or credit-related\ncourt proceeding.<\/p>\n\n\n\n

Understanding Life Estates and Medicaid Recovery<\/h2>\n\n\n\n

When someone holds a home as a life tenant, the asset they\nco-own won\u2019t disqualify the life tenant from Medicaid. So, in some states, homeowners\nset up life estates to obtain financial support to enter a care home if they\nneed to. This may spare beneficiaries from estate recovery<\/em>, in which adult\nchildren of deceased homeowners must pay their parents\u2019\nMedicaid bills when taking title to their properties. <\/p>\n\n\n\n

State law differ on Medicaid estate recovery. But note: If\nthe state places Medicaid lien on the life estate home, it will attach only to the\nlife estate. The bulk of the home\u2019s value has already been passed to the remainder\nbeneficiary.<\/p>\n\n\n\n

\u261b<\/strong> <\/strong>Important\nnote:<\/em><\/strong> Revocable living\ntrusts do not shield an estate from Medicaid recovery. Read\nmore here on Medicare and Medicaid liens<\/a>, and speak with an estate\nplanning professional to choose the best instrument for your personal set of\ncircumstances<\/strong>. <\/p>\n\n\n\n

Medicaid administrators look back five years to find out if\nthe applicant conveyed any assets to relatives or friends. If the house was\nconveyed in that five-year period through a life estate, the deed will be void.\nThe house will be liquidated upon its owner\u2019s death to reimburse Medicaid. So,\nassume that creating a life estate deed means you may not apply for Medicaid\nwithin five years. An estate lawyer can offer important tools and guidance if\nthe owner anticipates the need for residential care before that five-year\nperiod is up. <\/p>\n\n\n\n

Selling the Life Estate Property<\/h2>\n\n\n\n
\"Image<\/figure><\/div>\n\n\n\n

What if the co-owners later decide they\u2019d like to get out of\nthe life estate? The way out is to sell the property.<\/p>\n\n\n\n

As long as the life tenant is alive, neither co-owner may sell the property unless they jointly agree to do so. If our life estate holder Ann wishes to sell, and Ashley\u2019s on board with the plan, these life estate co-owners will share the proceeds, in amounts calculated by the IRS [PDF]<\/a>. The IRS accounts for the current interest rates; and a life tenant who still has a long life expectancy would get more value back from the sale than an older life tenant.<\/p>\n\n\n\n

Here, as the property is sold while Ann is living, Ashley may be paying some rather high taxes on appreciation of the home\u2019s value \u2014 that is, capital gains taxes. But what if Ann passes away, and Ashley later decides to sell? Ashley may have the benefit of a stepped-up tax basis, typically resulting in lower capital gains taxes<\/a>.<\/p>\n\n\n\n

Important note<\/em><\/strong>: Be sure your financial\nplanning accounts for any liens that will need paying off when selling the\nproperty. <\/p>\n\n\n\n

After the Life Tenant Passes Away: Claiming the Remainder <\/h2>\n\n\n\n

What happens after Ann, the life tenant, passes on? There is\nno need to consult Ann\u2019s will regarding the house, and no need put it through\nprobate. Together with Ann\u2019s death certificate, the original life estate deed proves\nAshley\u2019s new ownership status. Ashley files the documents with the county\nrecorder of deeds, and receives the house title. <\/p>\n\n\n\n

Though the property bypasses probate, it is<\/em> part of\nAnn\u2019s taxable estate. Your tax specialist can help you anticipate the\ndeed\u2019s potential impact on your gift tax exclusions and estate tax before you\ncreate a life estate. <\/p>\n\n\n\n

Most people are under the financial threshold and need not\nworry about federal estate taxes. Yet the state might apply estate taxes\nat certain wealth brackets. State exemptions are generally lower. If they\napply, Ashley could face a hefty estate tax bill.<\/p>\n\n\n\n

Important note:<\/em><\/strong> An agent of the homeowner must\napply the highest level of care when working with elderly homeowners to plan\nwhat happens to their assets after they pass. The validity of a deed becomes\nvulnerable wherever undue influence could potentially occur. A party holding\nthe power of attorney must record the POA instrument, and carefully adhere to\nthe original owner\u2019s estate plan. <\/p>\n\n\n\n

Being Prepared for Shared Ownership<\/h2>\n\n\n\n

Forming a life estate is a matter of creating the right\ndeed. Then, the original owner can enjoy living in the home undisturbed, yet\nthe property is already passed along \u2014 effectively and firmly \u2014 to a designated\nbeneficiary. If multiple life tenants or multiple remainder holders will be on the\ndeed, then vesting\nthe deed<\/a> is an important as creating the life estate itself.<\/p>\n\n\n\n

Life estate deeds avoid probate, and they are uncomplicated\nto create. Yet in exchange for this convenience, the life estate tenant must share\nkey ownership rights with a co-owner. When you\u2019re a life tenant, anything\nsignificant you might want to do with your ownership interest will now need\nyour co-owner\u2019s consent. And once this deed is done, it\u2019s not easily undone.\nSo, discuss your own situation with your attorney or Medicaid planner. <\/p>\n\n\n\n

As you can see, potential impacts of creating a new deed are\nmore complicated than the deed itself. In the case of a life estate, a local\nestates and trusts lawyer can provide invaluable advice for the soon-to-be life\ntenant and beneficiary.<\/p>\n\n\n\n

Supporting References<\/strong><\/p>\n\n\n\n

Internal Revenue Service Publication 1457: Annuities, Life Estates & Remainders; and as linked.<\/p>\n\n\n\n

Photo credits: Jon Flobrant<\/a> and Jana Sabeth<\/a>, via Unsplash. <\/p>\n","protected":false},"excerpt":{"rendered":"

Does It Fit Into Your Estate Planning? Have you thought about transferring your home into a co-ownership, so the person you\u2019d like to have your home certainly will have it after you pass away? Whether you want to leave your house to an adult child or children, or to another relative or friend, a life […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86],"tags":[],"class_list":["post-1162","post","type-post","status-publish","format-standard","hentry","category-life-estate"],"yoast_head":"\nThe Life Estate Deed - Deeds.com<\/title>\n<meta name=\"description\" content=\"Whether you want to leave your house to an adult child or children, or to another relative or friend, a life estate might be right for you.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.deeds.com\/articles\/the-life-estate-deed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Life Estate Deed - 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