QUESTION
can a nursing home come after my mothers assets if they are transfered to my name, but there a life estate on file as well?
Asked on May 06th, 2014 on Elder Law - New Jersey
More details to this question:
we were planning to transfer mothers house into my name, also planning to have life estate drawn up so mother could live in the house and get the property tax reimbursement allotted to seniors in the stat of nj. someone said that a nursing home can still come after the house even after the 5 year ownership period if we have a life estate with my mothers name attached to the property.
2 ANSWERS
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Yes. That is true. The life estate has value and the nursing home could attempt to attach it. But there are other planning techniques that may help protect you and accomplish what you are attempting to do. You should consult an estate attorney.
Answered on May 16th, 2014 at 5:40 PM
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Yes - that's correct. The life estate has value. the value is determined by looking at the value of the house, and the age of the person, but it still has value. So if you transfer the house, and she keeps a life estate, that life estate has value.
Answered on May 09th, 2014 at 10:11 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship