life estate deed
my mother is 83 & lives in a independent living community. She plans to live out her life there. She has financial resources & a disability insurance policy.
She has one property in her name. My brother lives in & maintains this property. The mortgage is pd in full.
My brother wants to own the property, however he does not want to go through the typical process of home ownership.
He has given my Mother a lump sum. He referes to this as a ''gift'' from him to her.
He now wants her to sign a ''life estate deed''. He says this is legal & with this he can benefit from her lower taxes & at her demise the proerty will pass directly to him without going to probate.
Is this correct & can Mom keep her homestead exemption if she does not live there or ever plan to return?
Should Mom consult a Attorney to protect herself & to understand the life estate deed? My brother is not open to discussing this with my Mother or me, his sister.
Thank you very much
1 Answer from Attorneys
Re: life estate deed
Of course your mother should consult an attorney!
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