Legal Question in Real Estate Law in Florida

Life estate when purchasing your parent's home
I am purchasing my parents home and am planning on granting them a life estate. I know if there are health issues and for some reason they have to go into a health facility, the State of Florida can take the house or money from it in regards to medicaid. I know there is a time period of 30-36 months if the property is given away or turned over. But if their names are on a life estate (as part of the deed) does this still show interest in the home and can the State still take it or money from it within the time frame if there are health issues? In other words, if we spend the money on the house and grant a life estate,is there the risk of the state being involved within the time frame? Should we keep my parent's names off the deed completely to protect our investment?

Asked on 8/09/04, 9:22 am

Tonia Troutwine, Esquire - Troutwine Law Group. LLC

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Re: Life estate when purchasing your parent's home

Any creditors will be entitled to the same interest your parents hold in the property. Please call 305-984-5748 for a consultation.

Answered on 8/09/04, 11:50 am

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