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<DIV style="FONT-SIZE: 12pt; FONT-FAMILY: 'Calibri'; COLOR: #000000">
<DIV>Life estates have to be created prior to 7/1/05 in order to be
excluded.</DIV>
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<DIV> </DIV>
<DIV style="BACKGROUND: #f5f5f5">
<DIV style="font-color: black"><B>From:</B> <A title=susan@pepetersonlaw.com
href="mailto:susan@pepetersonlaw.com">Susan Spuller</A> </DIV>
<DIV><B>Sent:</B> Wednesday, July 22, 2015 12:54 PM</DIV>
<DIV><B>To:</B> <A title=wsbapt@lists.wsbarppt.com
href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</A> </DIV>
<DIV><B>Subject:</B> [WSBAPT] Medicaid Asset Recovery for Life
Estate</DIV></DIV></DIV>
<DIV> </DIV></DIV>
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<P class=MsoNormal>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.
<o:p></o:p></P>
<P class=MsoNormal><o:p></o:p> </P>
<P class=MsoNormal>Susan E. Spuller<o:p></o:p></P>
<P class=MsoNormal>Of Counsel<o:p></o:p></P>
<P class=MsoNormal><o:p></o:p> </P>
<P class=MsoNormal>Law Office of Paulette Peterson, PLLC<o:p></o:p></P>
<P class=MsoNormal>7869 Hansen Road<o:p></o:p></P>
<P class=MsoNormal>Bainbridge Island, WA 98110<o:p></o:p></P>
<P class=MsoNormal>206.855.9293<o:p></o:p></P>
<P class=MsoNormal>Fax: 206.855.9295<o:p></o:p></P>
<P class=MsoNormal><o:p></o:p> </P>
<P class=MsoNormal><I><SPAN style="FONT-SIZE: 10pt">The information contained in
this email is confidential and may also be attorney-client privileged. The
information is intended only for the use of the individual or entity to whom it
is addressed. If you are not the intended recipient, or the employee or agent
responsible to deliver it to the intended recipient, you are hereby notified
that any use, dissemination, distribution or copying of this communication is
strictly prohibited. If you have received this email in error, please
immediately notify me by replying to this email and delete the original. Thank
you.<o:p></o:p></SPAN></I></P>
<P class=MsoNormal><o:p></o:p> </P>
<P class=MsoNormal><o:p></o:p> </P></DIV>
<P>
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