FUNDS NEEDED FOR ALF , NURSING HOME CARE OF PERSON WITH LIFE ESTATE (MY MOM)
I HAVE PWR OF ATT. FOR BOTH HEALTH AND FINANCE ...
THANK YOU ,
Family Law Attorney
You can't sell property with a life estate. You may be able to sell the life estate itself, you would need a lawyer to review the terms of the document establishing the life estate. But the property itself does not belong to the person owning the life estate, and therefore cannot be sold by that person.
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The deeded owner of the property could sell the property with a life estate, but the buyer would not be able to live in the property until your mother is deceased, which greatly reduces the value.
Have you considered a reverse mortgage? Just be careful you pick a reputable company and watch out for scams. Your other option might be to rent the property and use the rent to pay for the nursing home. That is risky if you can't find a tenant or you get stuck with a tenant that doesn't pay the rent on time or at all, so you need to screen potential tenants carefully.
You might want to consult with a real estate broker or a financial planner, who may have some other options or ideas to help.
This communication is not intended to create an attorney/client relationship. It is always recommended you consult an attorney in person to discuss your case. The Law Offices of Stage & Associates practices state-wide and represents homeowners and community associations. Please visit our website at www.stagelaw.com.
You probably have the power to sell in your POA document-it should be reviewed.
The question is should your sell?
Your Mom might qualify for medicaid-so you should see and Elder Law attorney first.
Depending on your mother's age-it might not be worth much to her and the remainderman would have to sign and give up their interest.
She might qualify for mediciad.
Our office can usually qualify someone in 60 days if they are eligible.
Attorney Joe Pippen
20 Florida Offices
The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.
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Dennis Phillips is an attorney and financial planner based in South Florida. He is a member of the Florida bar, he holds the nation-wide Series 65 Investment Advisor license, and holds an insurance license in Florida and Virginia. Disclaimer: The response above is not legal advice and does not create an attorney/client relationship. The response is in the form of legal education and is intended to provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that, if known, would significantly alter the above response.