Posted on: 09th Feb, 2010 05:46 pm
We gave our house to our children through a Quit Claim. We retained a lifetime estate. We pay the taxes and upkeep for the property. If our children should ever have financial problems, could their creditors take our house? Also, can we use the taxes on our income tax return?
Hi Ella,
I don't think the creditors can take your home since you have a life estate on the property. The life estate ensures that you can stay in the property as long as you are alive. Thus, creditors can take your home only after your death or if you have vacated the home. You can claim the taxes you've paid for the property on your tax return because you still have certain rights to the property.
I don't think the creditors can take your home since you have a life estate on the property. The life estate ensures that you can stay in the property as long as you are alive. Thus, creditors can take your home only after your death or if you have vacated the home. You can claim the taxes you've paid for the property on your tax return because you still have certain rights to the property.