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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55603
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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My mother granted a quitdeed with life estate on her home in

Customer Question

My mother granted a quitdeed with life estate on her home in Illinois in 1999. In 2005 my wife and I filed bankruptcy and gave $1000 to the bankruptcy judge in compromise on the property and have a copy of that document. I have also been granted power of attorney since the bakruptcy. My mother has continued to pay all bills for the home. We recently got a home equity loan to fix up the property in preparation of selling it as mom has dementia and lives with us in our home. In closing the loan I
Submitted: 4 years ago.
Category: Real Estate Law
Expert:  Richard replied 4 years ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. Just to the recorded title currently held as your mother holding a life estate and you owning the remainder interest? Thanks.
Customer: replied 4 years ago.

are you still there?

Expert:  Richard replied 4 years ago.
Yes, I'm waiting for your reply to my information request.
Customer: replied 4 years ago.

I did I thought but anyway here is answer the quit deed was filed with the county taxing authority in 1999 I just called them Monday

Expert:  Richard replied 4 years ago.
Thanks so much for following up. And, I apologize for the fact your prior response somehow got lost in the internet world.

The house will not be at risk to be taken by Medicaid should your mother need nursing care. A transfer of the residence with a retained life estate is only subject to the sixty month look-back period for determining eligibility for purposes of Medicaid nursing home care. Since the transfer of the remainder interest was transferred by quit claim deed in 1999, you are outside of the 60 month look-back period and thus the house is no longer at risk to be considered in determining her eligibility.

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Customer: replied 4 years ago.

even though the closing papers on home equity loan were signed only by her?

Expert:  Richard replied 4 years ago.
The loan does not dictate title. Title is based upon recorded deeds. If the recorded deed indicates that the remainder interest was transferred to you in 1999, you are the owner of the remainder interest. and that's the date of transfer.