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I have a life estate. my mother got it for me. however, I've been there since 2000. I am registered in public works. now, I did not know till today whether the life estate was supposed to be reported to SSI and Medicaid. i am wondering if I will be penalized for not reporting this to SSI and Medicaid. I would be so grateful if you could help me. I am so worried that I am now seriously worried. My mom wants to sell the life estate since i no longer live in it. Please help me, for i am so worried and scared! What should I do? Can my mother alone sell the life estate? That is without my participation? thank you.
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Without more information, specifically a copy of a Deed or some trust document creating the life estate, it is hard to know exactly what your rights are. Some estates can be revokable, others not. Moving out, in some circumstances can trigger changes in the life estate.
The taxation and SSI reporting are separate issues and, if your mom is allowed to sell the property, it might be you have nothing to report.
The main issue you have is to learn the terms of your life estate; I would urge you to find legal counsel. I recommend using a lawyer not tied to your family as that lawyer might be working with your mom.
Answered on Jul 22nd, 2021 at 6:18 PM