Clarence Martin
08-05-2014, 7:10 PM
For those that have been involved with Life Estates, how difficult is it to get them dissolved when the person is still alive ?
The person that has the Life Estate , is in very bad shape, and it won't be long before they enter a Nursing Home. Once they enter the Nursing Home, it's about a 99.99 % chance that they will be in the Nursing Home for the rest of their life. The other person , the Remainderman, with get the house when the person that holds the Life Estate dies, or can no longer physically maintain living in the house on their own.
The catch is this: in the wording of the Life Estate, it states that the Life Estate expires when the Life Estate holder has been out of the home for ONE YEAR.
Question: Does anyone know if there is a way around the One Year time limit ? If the Life Estate Holder is permanently in a Nursing Home, they are obviously not coming back to the house. Another thing is that the Remainderman has been paying all the Property Taxes , Insurance and Maintenance on the House.
Has anyone went through something like this ?
Thanks,
Clarence
The person that has the Life Estate , is in very bad shape, and it won't be long before they enter a Nursing Home. Once they enter the Nursing Home, it's about a 99.99 % chance that they will be in the Nursing Home for the rest of their life. The other person , the Remainderman, with get the house when the person that holds the Life Estate dies, or can no longer physically maintain living in the house on their own.
The catch is this: in the wording of the Life Estate, it states that the Life Estate expires when the Life Estate holder has been out of the home for ONE YEAR.
Question: Does anyone know if there is a way around the One Year time limit ? If the Life Estate Holder is permanently in a Nursing Home, they are obviously not coming back to the house. Another thing is that the Remainderman has been paying all the Property Taxes , Insurance and Maintenance on the House.
Has anyone went through something like this ?
Thanks,
Clarence