life estate

Guest 0.10 Dollars($)

5 yrs ago my mom quit claim deeded her debt free house to me. The people at the assessors office told me at the time in order for her to live in the house and not have to pay high taxes etc. she would have to state that she wished to "retain a life estate". She has moved out of the area and lives in Senior Housing (she's 87). Now we hear from others going through the same thing, that if she would ever need medicaid because she only has $650/month SS benefits, the state could take a large percentage if the house were to sell. We don't plan on selling it (it is currently rented) but can the state count it as an asset should she need medical assistance? We live in Washington State.

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello Marie,

Welcome to the forum.

As your mother has used a life estate, she will be the owner of the property until her death. You will get the ownership after her death. This property will be considered as her asset.

Feel free to ask the community if you have any further query.

Niicss · Posted: Tue Apr 08, 2008 4:11 am Post subject:

Welcome,

Your mother can use an enhanced life estate deed or a ladybird deed. I will help you to avoid Medicaid penalty.

If you want to know more on this topic, go through this discussion at http://www.mortgagefit.com/texas/ladybirddeed-medicaid-1.html

Let me know if you have any more queries.

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