Legal Question in Real Estate Law in Ohio
We own a residential property and want to transfer the deed to our mother so she can live at the property until her death and then have the deed transferred back to us upon her death. Would this be considered a life estate and how would we go about this ?
Asked on 7/02/10, 8:33 am
1 Answer from Attorneys
Elizabeth Schmitz
Elizabeth S. Schmitz Attorney at Law
Your question poses many issues that should be fully examined by an attorney.
Among the things you need to consider are the gift tax implications of making the transfer, the affect on Medicaid planning and income tax considerations.
I would not attempt this transaction until you have a full idea of all the consequences.
Answered on 7/02/10, 1:23 pm
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