[WSBARP] Lease for Life in Seattle

[Jeanne Dawes]

Please reply to the list - I have a similar situation and am working on pro's and cons of a life-time lease vs. a life estate.  The life-time lease should not be a countable asset for Medicaid if tenant does need that in the future, and it seems to me the owner would have better options for removing the tenant if there is a breach of the lease - which is why I'm leaning towards the life-time lease.  I did not know about the Senior tax exemption which is also a pro.

If anyone is willing to share an example of such a lease that would be great.

Jeanne

Jeanne J. Dawes
Attorney at Law
Gore & Grewe, P.S.
103 E. Indiana Avenue, Suite A
Spokane, WA 99207-2317
Voice:  509-326-7500
Fax:      509-326-7503
jjdawes at goregrewe.com<mailto:jjdawes at goregrewe.com>

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From: wsbarp-bounces at lists.wsbarppt.com On Behalf Of Elizabeth [Lisa] M. Carney
Sent: Monday, August 01, 2022 3:01 PM
To: 'KCBA Real Property, Probate and Trust Law Discussion List' <realpropertyprobatetrustlaw at lists.kcba.org>; WSBA Real Property Listserv (wsbarp at lists.wsbarppt.com) <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Lease for Life in Seattle

Colleagues,

Seeking assistance on preparing a lease for life.  Residentially speaking.

Story is... daughter is the only name on title of property that was always intended to be where her father lived until he died. Some all of the money used for purchase was from father. There is a current lease, suboptimal, bordering on worse than no lease at all.

Skip option of putting father on title.

Daughter wants to ensure father gets to stay there until he dies. Also, I am aware a person can get a tax break as a senior even if not an owner, but with a lease for life.

Questions- [1] what additional language may be needed in the lease? , and [2] what are the extra steps needed to have lease properly noted to be eligible for the tax relief?

Do you know anyone who might have an example of a lease for life?

Thank you for assistance or direction.

Best,
Lisa




   Elizabeth [Lisa] M. Carney
         Attorney at Law

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