[WSBAPT] life estate

[Heather deVrieze]

Not only would she need daughter’s consent to sell, daughter would be entitled to a share of the proceeds based on the respective interests at the time of sale. Maybe this is OK and exactly what she wants, but . . .  I have seen unhappy surprises from clients on this issue in the past. If you do it, make sure she files the 709.

Heather

Heather S. de Vrieze
Attorney-at-Law
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3909 California Avenue SW
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www.westseattlelaw.com<http://www.westseattlelaw.com/>
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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Rachel Edmiston
Sent: Monday, December 18, 2017 4:51 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] life estate


The plan is for the daughter to move in with her and take care of her so that she doesn’t have to move into an assisted living facility.  Since she’s in her late 60s, she’s not expecting to meet Mr. Right, but you never know.  I’ve explained to her that if she wants to sell the house later on, she would need her daughter’s consent.  I also explained that her daughter’s creditors could reach the house, but again, she doesn’t think this will be a problem.

On Mon, Dec 18, 2017 at 3:16 PM, Marcus Fry <mfry at lyon-law.com<mailto:mfry at lyon-law.com>> wrote:
Josh,
Neither will she with a transfer on death deed.
Rachel,
I think you need a better understanding of client's goals. What if your client wants to move into an assisted living facility? Does she have other resources to pay for it? What if she meets the man of her dreams and she wants to sell and move away with him. With a life estate, she has no authority to direct the sale of house. Lastly, what if her daughter has creditor or marital issues, does she want the house exposed to those?
Marcus Fry
Lyon, Weigand & Gustafson P.S.
Yakima, Wa.



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-------- Original message --------
From: Josh Grant <jgrant at accima.com<mailto:jgrant at accima.com>>
Date:12/18/2017 2:46 PM (GMT-08:00)
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Cc:
Subject: Re: [WSBAPT] life estate
Clients will not start the 5 year waiting period for Medicaid eligibility as to this asset if they retain a life estate.

From: Rachel Edmiston<mailto:rachel.edmiston at gmail.com>
Sent: Sunday, December 17, 2017 1:44 PM
To: WSBA Probate & Trust Listserv<mailto:wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] life estate


Hi,

One of my clients wants to give her house to her daughter and retain a life estate for herself.  I thought this was done by filing a quit claim deed that retained a life estate, but I’m having a hard time finding a sample. Do any of you have one I could use as a guide?  I’d also appreciate any helpful tips you might have or warnings about pitfalls as I’ve obviously never done this before.

Thank you,

Rachel Edmiston


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--
Rachel Edmiston,
PO Box 13738
Mill Creek, WA  98082
T: 425-945-6333
F: 425-272-4294


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