[WSBAPT] Medicaid Asset Recovery for Life Estate

[Chris Moore]

I haven’t looked at Washington’s WACs recently on this point, but in Idaho
there is a difference between a purchased life estate and a gift of
property with a retained life estate.  Idaho only claims an interest in a
retained life estate that was created by gift of the remainder interest.  I
think that is common with most states.



Sincerely,

*Chris J. Moore*
Christopher J. Moore, JD, CPA, AEP®, EPLS*
Creason, Moore, Dokken & Geidl, PLLC
Lawyers
1219 Idaho Street, POB 835
Lewiston, Idaho 83501-0835
Phone: 208-743-1516; Fax: 208-746-2231
Website: www.cmd-law.com

*Certified as an Estate Planning Law Specialist by the Estate Law
Specialist Board, Inc., the only estate planning certification entity
approved by both the American Bar Association and the Idaho State Bar
Association.
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*From:* wsbapt-bounces at lists.wsbarppt.com [mailto:
wsbapt-bounces at lists.wsbarppt.com] *On Behalf Of *Josh Grant
*Sent:* Wednesday, July 22, 2015 1:56 PM
*To:* WSBA Probate & Trust Listserv
*Subject:* Re: [WSBAPT] Medicaid Asset Recovery for Life Estate



Life estates have to be created prior to 7/1/05 in order to be excluded.



*From:* Susan Spuller <susan at pepetersonlaw.com>

*Sent:* Wednesday, July 22, 2015 12:54 PM

*To:* wsbapt at lists.wsbarppt.com

*Subject:* [WSBAPT] Medicaid Asset Recovery for Life Estate



PC’s mother is no longer able to live alone safely, and he wants to move
her into his home so that he can provide care.  There is an unfinished
portion of the house that will require remodeling to accomplish this.  Mom
has said that she will sell her own house to pay for the remodel so that
can happen.  If mom purchases a life estate in his home in order to provide
him with the funds to finish the basement, I believe that should avoid a
transfer penalty (assuming that she makes it her legal residence and
resides there for at least a year).  Am I correct?  Also, is a life estate
that is purchased in this way, as opposed to retained in the applicant’s
own home, treated any differently for asset recovery purposes?  I don’t
think they will want to go the life estate route if there is a potential
for a lien on their home for the value of mom’s life estate.  Thanks for
any assistance.



Susan E. Spuller

Of Counsel



Law Office of Paulette Peterson, PLLC

7869 Hansen Road

Bainbridge Island, WA  98110

206.855.9293

Fax: 206.855.9295



*The information contained in this email is confidential and may also be
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