HI - Is there a calculation available regarding sale of property when deed set up with living will - deed reads my husbands name with his mother - living will . she is currently on medicaid ( state of mass) and in a nursing home and will not be able to ever return to home . we need to sell this home as it is a financial burden now for us to continue paying the taxes and insurance and other monthly fees. we have been led to believe that we cannot sell until her death but have also been told there is a calculation to see what amount would be due the nursing home should it sell. - nursing home already gets her pension and social security - please advise . Thank you very much .
2 Answers from Attorneys
This is something an elder law attorney can do for you. You should speak to an elder law attorney anyway, so that the attorney can determine if the house is in fact held in a life estate. You need competent, independent advice about your mother's rights.
I think you mean your husband is the residual owner and your mother-in-law has a life estate.
There is a formula based on a 110 year life expectancy as to how much goes to the life estate and how much goes to the residual estate. However, how long ago was this done?
I would be happy to assist you with the correct way to deal with this matter, including determining what happens if the title was changed less than 5 years ago.
Please feel free to contact me without obligation.