life estate
my mother has about 150,000 in the bank and a home worth about 105,000.she suggested she sell the home and buy a larger one with the sale proceeds and cash in the bank,and have myself and family move in . upon her death the house would revert to me. the fear I have is if she needs 24/7care in a nursing home will medicaid take the home if its her name? If so should I put it in her name?What is the best way to protect myself? Life estate?
2 Answers from Attorneys
Re: life estate
This is very complicated and to do it correctly you must meet with an attorney. You need to determine the requirements for Social Security so your mother's medical care will be covered by medicare, etc.
Title or life estate in the home can be dealt with
simultaneously.
Re: life estate
Good questions; sounds like you've got a pretty good grasp on some of the strategies available. Unfortunately you need a detailed answer to your very important question, and a detailed answer really needs a close look at exact facts and circumstances. That can't be done on this bulletin board format.
Good luck.
Rick Bryan
New York, NY
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