[SPAM] RE: [WSBAPT] Life estate?

[ROBERT MILLSAP]

I am thinking yes.  The ole bundle of sticks concept.  Client just wants
to give away a life estate while controlling who gets the remainder.  

 

Is this community property subject to a community property agreement?  If
it is, I do not think you can do it unless both owners agree.

 

I think there will be a step in basis at the time of your clients death
for the one half transferred under the will.  Appreciation after that
would be taxable on the remainder interest if it is sold.

 

How would this impact possible real property tax breaks with the county?
Might want to look at that.

 

I think this is fine Medicaid wise.  I think it would still be an exempt
assets for the owner of the life estate.  I do not believe there would be
a right to recovery by the OFR but a medicaid attorney would have to
confirm that.

 

Hopefully, the potential life estate owner and remainder interest person
get along since issues like waste beyond ordinary maintenance come up.  I
do not think you could get a reverse mortgage on the property but I am
guessing.  Any type of loan on the property would be tough to get.

 

My two cents.

 

From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Lisa Schuchman
Sent: Tuesday, May 20, 2014 4:49 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Life estate?

 

Can we do a testamentary life estate for a half interest in real estate?
The prospective life tenant owns the other half.  What do you think?

 

Lisa E. Schuchman
206-325-2801
www.lisaschuchman.com <http://www.lisaschuchman.com/> 

Education is what you get when you read the fine print.  Experience is
what you get when you don’t. -Pete Seeger

 

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