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life estate

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steve phelps Guest	Posted: Sat Nov 12, 2011 10:23 am    Post subject: life estate Like 0 Dislike 0 I deeded a condo to my mother as a life estate. Should she die will the property revert back to me. Also, with medi-cal and in-home services from the state would the life estate be subject to re-payment (california). Would using a quit claim deed now be beneficial and not have the property be encumbered by repayment to the state? Thank you.
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 516 Location: Australia 82.74 Dollars($)	Posted: Sun Nov 13, 2011 8:08 pm    Post subject: Like 0 Dislike 0 Hello steve phelps You would need to check your particular state laws for the legal obligations of the life tenant regarding such issues as taxes, insurance and maintenance costs. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Mon Nov 14, 2011 8:15 pm    Post subject: Like 0 Dislike 0 Welcome steve, If your mother signs a quitclaim deed and transfers the property to you, then she won't be able to claim Medicaid benefits for the next 5 years. So, it will be better to contact a real estate attorney and take his opinion in this regard. He will guide you as to whether or not a ladybird deed will be a good option for you to get the property transferred in your name. _________________ Procrastination is the enemy of your financial success

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