Transfering a Home to Your Children with a Life Estate Deed | Estate Planning Attorneys Buffalo NY

The primary asset of many of my clients is their home, and they would like to preserve their home for their children. In order to do that, a common question involves life estate deeds, which involve a homeowner’s transfer of her or his home to one or more children while the homeowner retains the right to live there. The homeowner still maintains the proper tax exemption such as the STAR exemption and veterans’ exemption, and upon the homeowner’s death, the property automatically passes to her or his children. Life estate deeds should be discussed with one’s attorney, as they have disadvantages in addition to benefits. One of the major drawbacks to a life estate deed involves a child’s potential bankruptcy; if a homeowner’s child were to go bankrupt, the money would have to paid to the bankruptcy trustee. In order to avoid such an issue, instead of deeding a house to one’s children, we advise our clients to set up a living trust and a Medicaid living trust and to deed the house to the Medicaid living trust. All our clients reserve the option of either deeding their homes to their children or to an irrevocable living trust.

Are you or a loved one in the process of dealing with medicaid? Friedman & Ranzenhofer are experienced Buffalo Medicaid Lawyers that can guide you through the process. We have over 70 years combined experience helping residents protect their assets when entering a nursing home.
Call us at (716) 517-4325 or visit us online at (https://www.wny-lawyers.com)
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