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The $385,000.00 is what the Realtor said the fair market value of the home is if it were to be put on the market for sale. I went to the DSHS chart and took my mom's age (89) and multiplied it by the .29526 factor and came up with $113,675.00. Would this be the value of her life estate? Would she be subject to any taxes due on her value? Will this have any effect on her Medicare benefits she is currently receiving in the Nursing Home?My mother also has a Will and a Trust for the home to protect her disabled daughter. Her Will clearly indicates that the Trustee (me) appointed to see that her disabled daughter has a home to live in. My question is if the home is forced to be sold by terminating my mother's life estate then there will be no home for the disabled daughter?According to one of the Articles of the Will it reads as follows: The Trust is to provide a home for my disabled daughter who is under my Guardianship as Trustee. The Attorney who handled this matter for my mother is no longer in practice (retired) but his cover letter to her says the Will with Trust should provide for your disabled daughter. So I am totally confused if in fact this language means there is a Special Needs Trust set up. The Deed to my mother's home was recorded with the proper Registry of Deeds and it says: Grants to same (mother) for her life, then the siblings with the exclusion of the disabled child due to public benefits she receives. Would the Deed trump the Will? Any help would be greatly appreciated and I thank you for your time and patience in my legal dilemma.
10 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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A deed transfers title according to the terms of the deed. If a person owns real state in his name only and dies, then the Will will state who inherits the real estate.
Answered on Aug 22nd, 2013 at 11:17 AM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Sir, you are advised to obtain the assistance of trust estate administration attorney to obtain answers to many of the questions you are asking and be prepared to pay the hourly rate for the legal opinion and advice. The old saying still applies "an ounce of prevention is worth a pound of cure" should you make some mistakes that will have long term consequences.
Answered on Aug 22nd, 2013 at 10:11 AM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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You have some very substantial questions which should be reviewed by an estate planning lawyer. Please do not act or not act based on an answer on a website. The documents have to be reviewed. Also, your use of the term "registry of deeds" makes me think that your mother is not in Oregon. State law is specific, and not all states treat these matters the same. The deed that you describe means that the property is already transferred it will not be subject to your mother's Will, so no language in the Will affects the home. Medicare is an entitlement; it doesn't matter what you own. Do you mean Medicaid? Absolutely totally and completely different. If your mother is receiving Medicaid, then there's no point worrying about the Will, there won't be any assets left anyway. Medicare will only pay for up to 100 days in a nursing home. A Special Needs Trust is a very particular type of trust and special language is required. There is no way to know without looking at the Will what kind of trust it creates. Please, see a lawyer who works in estate planning and elder law. Even an hour, a couple of hundred bucks, will save you lots of grief in the end.
Answered on Aug 22nd, 2013 at 10:00 AM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You need to go to an appraiser and get an appraisal of the life estate. I have a feeling that it will be substantially less than the amount you computed. The Will is ineffective because your mother is not dead. The house would not be part of your mother's estate because she deeded it to the siblings.
Answered on Aug 22nd, 2013 at 9:42 AM
Thomas Edward Gates
You are mixing up the different terms. The key document is the TRUST, which the home has been transferred to. I hope that the Trust is irrevocable. The Trust is now the owner of the home and not your mother. Key being the the Trust is irrevocable. The will directs the executor to administer the individual's estate (items that are not in the Trust). It may direct that items currently, not in the Trust, be transferred to it. It can also direct that these items be distributed to other parties as part of the probate. So, if the Trust is irrevocable, your sister is covered and there will be no bounce back on your mother for having to much money.
Answered on Aug 22nd, 2013 at 9:18 AM
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You truly need to sit down with an attorney to address these issues. There is a lot at risk, not only for your mother but the disabled child. I think when you refer to Medicare you mean Medicaid. This is not the forum you need. You need to retain counsel to address the serious and complex facts and issues you face. This information is only intended to give general information in response to an inquiry.
Answered on Aug 22nd, 2013 at 9:09 AM
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The Deed and the Trust will be read together. The will is likely irrelevant. The life estate is likely not able to be terminated as it is read with the Deed and Trust as well. The property needs to be preserved for the benefit of the disabled daughter.
Answered on Aug 22nd, 2013 at 9:09 AM
Edwin K. Niles
Yes, but I see several interesting issues. Perhaps you should have a consultation with an experienced estate planning lawyer. Incidentally, this has nothing to do with Medicare, but Medicaid (in California called MediCal) may be involved.
Answered on Aug 22nd, 2013 at 5:58 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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It *sounds like* the deed is in line with the Will provisions, but I would need to review the entire situation, to be sure. It also sounds like the trust *could* be considered a special needs trust. This is a very complicated situation and you should really have an elder law attorney review this.
Answered on Aug 22nd, 2013 at 5:34 AM
The Will covers only assets owned at the time of death. Since your mother's interest in the property is terminated upon her death, the? property is transferred to the beneficiaries under the trust instructions..? The property does not take a stepped up basis as it would if it passed via the Will.
Answered on Aug 22nd, 2013 at 5:13 AM