my mother will soon be 92 and is in poor health. she has been kept at home with my sisters, but she has been in the hospital more and more often and her prognosis is not good.she has a life time estate on our family farm where she lives. She may soon require institutional care (nursing home). She has no other means to pay for her care, can the farm be kept for the heirs?
State/Country relating to question: South Carolina
Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.Can you tell me what you mean by she has a life time estate on our family farm where she lives.She has a life estate and someone else is the remainderman (gets the farm she she passes)?
Yes my two sister and I are to inherit farm that was subdivided by my father in his will.
Thank youIn that case, there is not much to be concerned about (at least for you and your sisters)When a person inherits a life estate, they get just that...the right to use the property for their life. They can live in it...or rent it out...or even sell it. But they can only sell what they have...so, in your mom's case, she could sell her life estate but at the time she passes, the estate reverts to the remainderman (here, you and your sisters)If she has to go into nursing care, and applies for medicaid, the state will require her to sell her assets, including the farm. But as I mention, with a life estate, she only sells the farm for the time she is alive. When she passes, the farm passes directly to you and your sisters.So if your concern is keeping the farm for you and your sisters, mom's circumstances will not impact that at all.Let me know if you have more questions.
Estate Law Expert
I saw the comment i'm not sure that i conveyed my concern in proper legal language to receive a correct answer.Tell me please your concern...I want to make sure your question is answered...
I do not have the will before me and I am giving my impression from memory and not specific wordage regarding lifetime estate. I think you have provided all the information that could be expected under these circumstances.
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