Posted on: 30th Oct, 2007 09:41 am
My Parents live in Florida 65 and 71, and my sister is helping them prepare a ladybird deed. I find out now that my sister will be the only sibbling listed on this deed. Should'nt all 3 Sibblings be listed on this LadyBird Deed or should my parents seek higher legal advise? My Parents want everything to to be split between all 3 of there children.
You are correct. If they leave the house to her you will have to fight for your right to it. They might leave the house to her and then will the property to you some other way. Either way it still sounds like you will have difficulties.
Definately seek other legal counsel. It wouldn't hurt if you even called an attorney and ran the scenario by them. There is nothing stopping them from setting up the "life estate" to go to all 3 of you. The only reason to just give it to her is so she can own it alone. So yes it needs to list all 3 of you as owners once they pass away.
Definately seek other legal counsel. It wouldn't hurt if you even called an attorney and ran the scenario by them. There is nothing stopping them from setting up the "life estate" to go to all 3 of you. The only reason to just give it to her is so she can own it alone. So yes it needs to list all 3 of you as owners once they pass away.
No doubt, all the 3 siblings should be listed on the deed. When your parents also wants that then ask them to consult with an attorney asap.
My Mom deeded her house to her 4 children and kept a life time estate,she has been in nursing home scince 2004. The question is can we sell the house without fear of medicaid recovery if sold before her death.
To James,
Medicaid can come after the house if it is sold before her death. There is a look back period of 5 years applicable in case of Medicaid. It means that Medicaid can come after the assets which were transferred within the 5-year period. As long as the property is not sold and your mom has the intention to occupy the property as her primary residence, Medicaid will not come to recover the asset.
Medicaid can come after the house if it is sold before her death. There is a look back period of 5 years applicable in case of Medicaid. It means that Medicaid can come after the assets which were transferred within the 5-year period. As long as the property is not sold and your mom has the intention to occupy the property as her primary residence, Medicaid will not come to recover the asset.
My mom deeded her house to me and my sister. There are a lot of expenses coming due on the house and sale is difficult. She wants to quitclaim her share. Assuming I am the beneficiary of the quitclaim how does this affect the probate and tax aspect of the inheritance?
You would become the sole owner of the property once your sister quit claims it to you. It won't affect the probate in any way.