Life Estate Deed vs. Trust - What is the difference?

Elder Law Care- Patrick J. Kelleher & Associates

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➡️ ➡️ Learn more here: elderlawcare.com. I'm attorney Patrick Kelleher and my goal is to educate you. I speak in plain English and avoid confusing legal jargon in my videos.
In this video, I cover the topic: Looking at the pros and cons of a Life Estate Deed vs. an Irrevocable Medicaid Asset Protection Trust.
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By watching this video, you’ll learn:
✅ The benefits of a life estate deed
✅ The 4 disadvantages of a life estate deed
✅ Capital gains tax considerations
✅ A look at the Medicaid Asset Protection Trust
Do you have any experience with trust planning?
💬 Leave a comment below!
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Patrick J. Kelleher & Associates is a caring and compassionate law firm that works hard to help you protect what you have for the people you love the most. We serve families and seniors in Hanover, Quincy, and the surrounding Boston, Massachusetts area.
➡️ Learn more about us at elderlawcare.com.
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Опубликовано:

18 фев 2022

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Комментарии : 13

@anthonym.cardali1875 2 года назад

In New York Medicaid laws and regulations limit recovery to probate assets of the Medicaid recipient or their surviving spouse. Since the life estate expires upon X's death, the property passes to the remainderman out of probate and is therefore not recoverable by the state.

@ElderLawCare Год назад

Anthony yes we call that a “living lien” which means Medicaid can still recover during the persons lifetime. Also the tax disadvantages of the life estate would still apply.

@patrickj.kelleheresq.1491 Год назад

Yes the life estate may work so long as the property is not sold during the life estate holders lifetime. However if the property is sold while the life estate holder is still alive, medicaid would look to impose the living lien on the property to be reimbursed for the medicaid benefits.

@TheLeidigs Год назад

If a sale of the property goes through before the 5 yr look back has been reached, is the renaindermans portion now fair game for Medicare lookback.

@ElderLawCare Год назад

Great question! Yes, typically a transfer within five years would be deemed as an impermissible transfer, which creates a penalty period for Medicaid benefits. Are the life estate holders incapacitated and in need of Medicaid benefits for long-term care? Are they still living? The home would not be protected until the five-year look back is satisfied. I would be more concerned with the sale of property for the remaindermen because they typically would be required to pay capital gains tax on that sale IF the grantor is still living. Strongly advise consult with an experienced Elder Law Attorney and or CPA on the capital gains tax possibilities.

@nidasalvador3996 Год назад

Thanks for xplain good

@giannaperez8240 2 года назад

Is there a limit of time before Medicaid is not edible for of the shared property in life estate?

@ElderLawCare Год назад

Typically Medicaid will look to lien the life estate interest with a living lien regardless of the 5 year look back or transfer rule.

@mireyaangel3 2 года назад

Hi! Q. Does Medicare(California) put a lien on the property only if mom/dad goes to an assisted living home or do they also put a lien on the property if they apply for Medicare for health coverage?

@patrickj.kelleheresq.1491 2 года назад

Mireya, great question , yes typically Medicaid can place a lien and look to recover assets whether it is for Medicaid long term care benefits in a skilled nursing facility or medicaid benefits received for health insurance and medicaid benefits in the community. I am not licensed in California so I recommend you consult with a local elder law attorney in your area to confirm.

@ElderLawCare Год назад

It would be Medicaid and not Medicare that would look to recover what they paid in Medicaid benefits. Some states they will look to recover Medicaid benefits in a nursing home and medical insurance Medicaid benefits.

@josiedrescher8624 Год назад

My daughter and grNchildren do not love me abandoned me 11 years ago..I want to live in my house and sale my propriety for 2 million dollars to strangers that are interested after I die will pass the house to them what should I look for,? Good are bad ?

@ElderLawCare Год назад

I am very sorry about your daughter and grandchildren and what appears to be an estranged relationship. I strongly recommend you meet with an experienced Elder Law Attorney to assist you create an estate plan that you feel would be appropriate in your situation.