Posted on: 24th Jul, 2008 08:18 am
When parents quitclaims their property to their children do they also need to put into place a life estate , in order to know they have a home for the rest of their lifes. Will a quitclaim deed remove the property from becoming the lien on medical or other bills they may encounter in the future?
Hi Ken.
Welcome to the forum.
Your parents can use a Enhanced Life Estate deed or Ladybird deed to transfer the property to you. But they will remain the owner as long as they live. And if they use a ladybird deed the property will be exempted from Medicaid claims. Know more about quitclaim deed at http://www.mortgagefit.com/know-how/ladybirddeed.html#lifeestate
Hope it helps. Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
Your parents can use a Enhanced Life Estate deed or Ladybird deed to transfer the property to you. But they will remain the owner as long as they live. And if they use a ladybird deed the property will be exempted from Medicaid claims. Know more about quitclaim deed at http://www.mortgagefit.com/know-how/ladybirddeed.html#lifeestate
Hope it helps. Feel free to ask if you have any further questions.
Best of luck,
Larry