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Can you tell me the value of a life estate if the house is…

Can you tell me...

Can you tell me the value of a life estate if the house is sold for 122,000.00 the life tenant is 87

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

The house is under contract to sell

Lawyer's Assistant: Where is the house located?

Siler City NC

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Answered in 2 minutes by:
4/10/2018
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,227
Experience: 30 years of real estate practice experience.
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According to the NC HHS actuarial tables, the value of the life estate interest for an 87 year old individual is 32.262%.

So, for a sale price of $122,000, the life estate value is $39,359.64

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Customer reply replied 4 months ago
wow that's a lot
owner is in a nursing home and qualified for medicaid
can anything be done to prevent the home from getting that money?
Customer reply replied 4 months ago
can you call me on(###) ###-####i don't gave good cell service here
Cathy

You would need to request a phone call (it is a premium service and there is an extra charge).

Then I can accept and call you.

Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,227
Experience: 30 years of real estate practice experience.
Verified
Loren and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 4 months ago
I spoke with Loren and he provided me with the info i needed. he was very helpful
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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