More details to this question:
My Mother is 90 years old and was admitted into a nursing home several months ago. The family home where she lived was transferred to the children over 10 years ago but she retained a life estate in the property. Right now the home is sitting empty and it is unlikely that she will ever be able to leave the nursing home. What should we do to with the property, can we rent it or can it be sold if she signs off on the sale. We don''t want the house sitting empty for long periods since the home owners insurance is no good after 30 days of no one living there. We are also concerned that an empty house may be broken into and damaged. What should we do? She is competent and is ok with selling the property if necessary.
1 ANSWER
nathan forck
I don't see any problem with selling or renting this property, certainly if that is what mom wants to do and she is competent to make that decision and all of the children are on board with it. I would certainly see an attorney to make sure that any deed for the sale of the property takes into account that your mom currently retains a life estate in the property.
Is your mother on Medicaid?
Answered on Aug 09th, 2012 at 12:37 PM