How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barrister Your Own Question
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 37804
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
Type Your Estate Law Question Here...
Barrister is online now
A new question is answered every 9 seconds

My parents put their estate in my name 20 years ago, my mother

Customer Question

My parents put their estate in my name 20 years ago, my mother holds a life estate to the property. If she should have to enter a nursing home at some point, would the nursing home have any right to the property?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Barrister replied 1 year ago.
Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question..No, you own the property and it has been transferred outside the 5 year "lookback window" that they can impose penalties on applicants for. The only issue that you might have is when they value the life estate if they consider it a "countable asset". The value of the property consists of the "remainder interest", which is what you own, and the life estate, which is what mother owns. A Medicaid applicant has a limit of $2,000 in countable assets, so depending on what the life estate is valued at, it could be over that $2K limit and prevent her from receiving benefits..There is a somewhat complicated formula the IRS uses to determine what a life estate is worth based on the age of the owner and mortality tables put out by the IRS. But a local accountant should be able to let you know what the value of the life estate is based on those actuarial tables..But no, they won't have any claim on the underlying property...thanksBarrister