[WSBARP] Dissolution/Property Question

[Jeanne Dawes]

If the recipient of a life estate needs to apply for Medicaid the value of the life estate is determined by DSHS’s (and SSA’s) Table-Unisex Life Estate or Remainder Table, and I believe it is a countable asset.

Another alternative is to put it into an irrevocable trust for benefit of resident spouse, with the nonresident spouse (Trustor) being the reminder beneficiary when resident spouse dies or permanently vacates the home.   I know it’s more complicated, but you can also provide for the expenses that beneficiary must pay, and if breached, the trust can be terminated.

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 <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Mark McClure
Sent: Tuesday, April 30, 2024 1:13 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Dissolution/Property Question

Life estate while reserving remainderman interest?


Mark C. McClure | Managing Attorney
Law Office of Mark McClure, PS
"Why Retire With Debt?"
1103 West Meeker Street, #101
Kent, WA 98032
Office:  253.631.6484 (Leave Msg - Will be returned within 24 hours)
Email: Mark at McClureLawGroup.com<mailto:Mark at McClureLawGroup.com>
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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> [mailto:wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>] On Behalf Of Lynn Clare
Sent: Tuesday, April 30, 2024 1:08 PM
To: WSBA Real Property listserve
Subject: [WSBARP] Dissolution/Property Question

What would be the best way for divorcing spouses to transfer ownership of real property to one  spouse while allowing the other spouse to live in the property until their death?  Has to be irrevocable.
--
Lynn Clare
Clare Law Firm, PLLC
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