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What is the deal with life estates?
When I first got a life estate signed it was for only three years that Medicare and the Gov. couldn't touch the property. Now it's five and soon to be ten. Is this true? Can the Gov. really keep shafting everyone like this. I was told that there is no grandfather clause with a life estate.
1 Answer
- SPLATTLv 71 decade agoFavorite Answer
I don't know what your problem is with a life estate.
I'm not a lawyer (and I've never played one on TV). But my understanding of a life estate is that someone is granted the use of a property for the remainder of their life.
For example, "A" & "B" are married and they have a child "C". "A" dies and leaves the home to "C". However, "B" has been granted a Life Estate. That means that "B" may live there for the rest of his/her life.
Suppose "B" remarries and their new spouse "D" moves in. "B" and "D" may live there until "B" dies.
When "B" dies the life estate expires along with "B". C is now in sole control of the property and may ask "D" to leave.
To my knowledge, life estates aren't for 3, 5 or 10 years. They are for the LIFE of the named person.
Are your SURE you know what you are referring to? If I were you, I'd spend an hour or so with an estates attorney to straighten yourself out.
