How Is A Life Estate Treated On The FAFSA? Do The Restrictions Matter?
A transfer of actual estate (such as, but not limited to, a personal residence) from individual or joint ownership to a Life Estate form of ownership is an estate organizing device employed to steer clear of probate of the house that also presents the doable benefit of future protection of the residence in Medicaid conditions. At death, the house automatically belongs to the recipient listed on the deed…. with no the will need for probate. Seniors at times do a life estate deed to a trust rather than straight to their youngster or young children. If the holder does not sell the house it will pass to the remainderman when the holder dies, devoid of going to probate.
The life tenant continues to possess the house during his or her lifetime, and the ideal to possess the property passes to the remainder beneficiaries when the life tenant dies. If a …
How Is A Life Estate Treated On The FAFSA? Do The Restrictions Matter? Read More