Posted on: 11th Jul, 2012 05:43 am
My mother is living with me, and I am the grantor for the life estate she owns. It was her house for many years, and she divided the farm/house up for the 3 children, retaining a life estate to the piece she gave to me. If she moves out of the house to go to a retirement home or assisted living, does she lose her life estate? I don't think so but wanted to be sure. We're in NC, and I just want to know to ensure we know financial options for both of us. I may need to take out a mortgage to help with her assisted living expenses.
Thanks
Thanks
Hi Papa John!
Welcome to the forums!
Though she goes to the nursing home, she won't lose her life estate. She will have the right to stay in the property until death. Unless she gives away the life estate on her own by signing the deed, she will have living rights to the property.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Though she goes to the nursing home, she won't lose her life estate. She will have the right to stay in the property until death. Unless she gives away the life estate on her own by signing the deed, she will have living rights to the property.
Feel free to ask if you've further queries.
Sussane
Hi Papa John,
Moving out of the property does not mean that a person will lose his/her life estate in that property.
Thanks
Moving out of the property does not mean that a person will lose his/her life estate in that property.
Thanks