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gbaby
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Post subject: Enhanced life estate |
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| Will I be able to maintain my homestead exemption in Texas. |
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helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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Post subject: |
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Welcome gbaby.
I think you will still be able to retain homestead exemption on your Texas property even though you have signed on enhanced life estate deed.
Check out for more on this topic from a related community discussion at http://www.mortgagefit.com/life-estate/homestead-exemption.html .
Thanks. |
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Rich
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Post subject: Ladybird deed - any asset protection? |
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Ladybird deed - any asset protection in CA. for the grantors of the parents in possession? I purchased one on online today but it won't open up and I need ASAP. Can Anyone help? Fax 415-332-4600
P.S. Is the homestead exception still good? What happens if I file BK? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi Rich!
Welcome to the Forums!
Homestead exemption is done to protect the value of the homes of residents from property taxes, creditors as well as circumstances arising from the death of the homeowner spouse. The laws of bankruptcy differ from one country to another and thus the homestead exemption laws are also different. Certain exemptions are allowed as per the laws. You can consult an attorney to know about these exemptions.
Sussane |
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Anne
Guest
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Post subject: sale of lady bird deed property in FL and moving to NY |
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| My mom's house was put into a ladybird deed in FL in 1/07. My mom has had 2 strokes since then and has 24 hr in home care. She is running out of money so we are selling her house and moving her in with my sister in NY, this sister is the beneficiary of the ladybird deed. My sister wants to take some of the money from the sale of the home and use it to buy her own home. Can she do this without jeopardizing my mom's eligibility for medicaid if she ever needs it? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Post subject: |
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Hi Anne!
Welcome to Forums!
The home may be considered as an exempt asset for Medicaid eligibility as long as one's spouse or relative live in that house when the original owner is not present. Now your mother has all the right to sell the property and I don't think that your mom's medicaid eligibility will be affected if your sister takes some money from the sale of the house.
Feel free to ask if you have further queries.
Sussane |
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aleksy
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Post subject: ELED protecting Grantor as well as bennies? |
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| Does and ELED protect the grantor from money judgments as well as the beneficiaries' creditors? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1778
Location: MICHIGAN
266.05 Dollars($)
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Hi aleksy!
Have you been through any judgment and do you need to pay the creditors? It will be easier for me to answer the query if you can clarify what you mean by ELED.
Thanks,
Jerry |
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LINDA
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Post subject: LADY BIRD DEED |
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MOM SIGNED A LADY BIRD DEED WHILE IN A NURSING HOME TO AVOID ESTATE RECOVERY. THE LADY BIRD DEED NAMES FOUR ADULT CHILDREN AS BENEFICIARES, HOWEVER, ONE OF THE SIBLINGS PASSED AWAY. CAN THE HOUSE BE SOLD WITH THE THREE REMAINING SIBLINGS OR DO THE CHILDREN OF THE DECEASED SIBLING HAVE TO BE INVOLVED IN THE SALE OF THE HOME? CAN HIS CHILDREN LEGALLY GIVE UP THEIR PART OF THE SALE OF THE HOME? CAN THE REMAINING SIBLINGS SIGN ON THE SALE OF THE HOUSE AND THEN GIVE OVER THE SHARE OF THE SELL OF THE HOUSE TO THE CHILDREN OF THE DECEASED???
THANKS,
LINDA |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Hi LINDA!
If your sibling has left any provision or has mentioned in his/her will that the heirs will be getting the property, then you will have to give them their share of property. However, if the deceased sibling has left nothing of that sort, then I don't think you will have to give the heirs anything.
Thanks.
_________________
Good is the Enemy of Great. |
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LINDA
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Post subject: LADY BIRD DEED |
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MY BROTHER HAD NO WILL. CAN THE REMAINING SIBLINGS SIGN OFF ON THE SALE OF THE HOUSE WITH A LADY BIRD DEED? WE ARE IN THE PROCESS OF SELLING THE HOUSE, BUT ONE OF THE CHILDREN OF THE DECEASED IS "dragging her feet" IN OBTAINING PAPERWORK WE NEED. THIS PROCRASTINATION COULD AFFECT THE TIMELY SALE OF THE HOUSE.
THANKS,
LINDA |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi LINDA!
If your brother has not left a will or anything in written, then I don't think his children will have any interest in the property. However, you may consult an attorney and check if there is anything you can do to resolve this quickly.
Thanks. |
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black beauty
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Post subject: heirs rights |
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| do the decrease heir have any rights against a survive deed |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi black beauty,
I am unable to understand your question. Can you be more specific and give some more details?
Thanks |
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Bonnie Repp
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Post subject: enhanced life estate document |
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| If I do this, can creditors still take the property from me, the grantor. |
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