Legal Question in Wills and Trusts in California
My older brother was granted a life time use of the family home. He is in a lock down convalescent facility now and can not live in the house now. We want to sell the house and put his share into his special needs trust. He is now 73. How do we determine what his lifetime use of the house is worth?
1 Answer from Attorneys
I assume the house is held in a trust already. Is your brother likely to leave the facility and will he need a place to live?
It is impossible to adequately answer your question without first reviewing the trust document. Again, I will assume the trust has language regarding valuing the life estate. If the trust were mine, it would say the Trustee can sell and hold the money for the lifetime beneficiary to pay for like or similar living accommodations.
You cannot use a special needs trust because your brother is 73 and above the allowed age for the asset protection provided by a SNT.
I suggest you contact a local estate planning attorney to review the documents and advice.
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