Posted on: 12th Nov, 2011 09:23 am
i deeded a condo to my mother as a life estate. should she die will the
property revert back to me. also, with medi-cal and in-home services from
the state would the life estate be subject to re-payment (california). would
using a quit claim deed now be beneficial and not have the property be
encumbered by repayment to the state? thank you.
property revert back to me. also, with medi-cal and in-home services from
the state would the life estate be subject to re-payment (california). would
using a quit claim deed now be beneficial and not have the property be
encumbered by repayment to the state? thank you.
Hello steve phelps
You would need to check your particular state laws for the legal obligations of the life tenant regarding such issues as taxes, insurance and maintenance costs.
:idea:
You would need to check your particular state laws for the legal obligations of the life tenant regarding such issues as taxes, insurance and maintenance costs.
:idea:
Welcome steve,
If your mother signs a quitclaim deed and transfers the property to you, then she won't be able to claim Medicaid benefits for the next 5 years. So, it will be better to contact a real estate attorney and take his opinion in this regard. He will guide you as to whether or not a ladybird deed will be a good option for you to get the property transferred in your name.
If your mother signs a quitclaim deed and transfers the property to you, then she won't be able to claim Medicaid benefits for the next 5 years. So, it will be better to contact a real estate attorney and take his opinion in this regard. He will guide you as to whether or not a ladybird deed will be a good option for you to get the property transferred in your name.
