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jklein1323
LIF Adolescent
Member since 11/06 847 total posts
Name:
J
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Life Estates
does anyone have their parents home in a life estate? If so did you have to change the homeowners insurance policy to your name or did it stay in your parents name?
TIA
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Posted 1/26/10 1:00 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Life Estates
you mean after your parents pass on?
or is the life estate in your name?
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| Posted 1/26/10 1:47 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Life Estates
HOI would stay in your parent's names.
A life estate is essentially a two part ownership. While they are alive, the house belongs to them. Once they pass, it automatically passes to you or whoever is named.
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| Posted 1/26/10 1:48 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Life Estates
Life Estate as in a right to live in the home or a Qualified Primary Residenc Trust? If it's in a QPRT, HOI might be an instance of ownership. The attorney should direct you with this question.
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| Posted 1/26/10 2:59 PM |
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jklein1323
LIF Adolescent
Member since 11/06 847 total posts
Name:
J
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Re: Life Estates
Posted by Beth
you mean after your parents pass on?
or is the life estate in your name?
No now while they are still alive..we're putting the house in our names with a life estate for them so they can live in the house unil they pass
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| Posted 1/26/10 3:23 PM |
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mavaesq
LIF Infant
Member since 6/09 126 total posts
Name:
Valerie
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Re: Life Estates
A life estate simply will provide your parents with the right to reside in your home for the duration of their lifetime. It is an excellent estate planning tool. You technically will have the remainder interest in the home. Each portion - the life estate and the remainder interest have a "value". You have fm.
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| Posted 1/27/10 10:28 AM |
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LightUpOurLife
Totally in love
Member since 8/06 12785 total posts
Name:
Bonnie-Jean
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Re: Life Estates
Posted by mavaesq
A life estate simply will provide your parents with the right to reside in your home for the duration of their lifetime. It is an excellent estate planning tool. You technically will have the remainder interest in the home. Each portion - the life estate and the remainder interest have a "value". You have fm.
What if the child dies or divorces. Are the parents still able to live there if the spouse tries and kicks them out?
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| Posted 1/27/10 1:48 PM |
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mavaesq
LIF Infant
Member since 6/09 126 total posts
Name:
Valerie
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Re: Life Estates
Yes. If she were to provide her parents with a life estate they would have the right to reside in the home for the remainder of their lives (the last parent to die). That's one of the benefits of a life estate.
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| Posted 1/28/10 6:53 PM |
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mavaesq
LIF Infant
Member since 6/09 126 total posts
Name:
Valerie
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Re: Life Estates
Additionally - the daughter has a "remainder interest" in the home. Her interest does not technically vest until the last of her parents die. If the daughter dies then her "remainder interest" would pass in accordance with her estate. Assuming this is the husband - he would also only get a "remainder interest" in the property which similarly would not vest until the last parent dies.
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| Posted 1/28/10 6:56 PM |
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Re: Life Estates
Posted by mavaesq
Additionally - the daughter has a "remainder interest" in the home. Her interest does not technically vest until the last of her parents die. If the daughter dies then her "remainder interest" would pass in accordance with her estate. Assuming this is the husband - he would also only get a "remainder interest" in the property which similarly would not vest until the last parent dies.
Yeah, I definitely knew you were an attorney before I looked at your screen name  .
To the OP, I would strongly urge you to speak directly with an elder law/estate planning attorney with all of your questions. It is not worth making mistakes on something like this and there can be so many technicalities.
My property law professor walked into class wearing a really ugly vest one day and explained that his parents left it to him as his vested remainder. In the first year of law school most students accept any attempt at a joke from a professor!
Message edited 1/28/2010 8:14:37 PM.
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| Posted 1/28/10 8:13 PM |
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mavaesq
LIF Infant
Member since 6/09 126 total posts
Name:
Valerie
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Re: Life Estates
Hehe...I guess it is obvious! I am actually an elder and estate planning attorney :) (and real estate)
That's actually pretty funny (of your professor) :)
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| Posted 1/28/10 8:25 PM |
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Re: Life Estates
Posted by mavaesq
Hehe...I guess it is obvious! I am actually an elder and estate planning attorney :) (and real estate)
That's actually pretty funny (of your professor) :)
I thought that may have been your area of law!
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| Posted 1/28/10 10:09 PM |
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