HOW TO SELL PROPERTY WITH LIFE ESTATE ?

Asked almost 2 years ago - Orlando, FL

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 ,
Marco

Attorney answers (4)

  1. Joseph Franklin Pippen Jr.

    Pro

    Contributor Level 20

    10

    Lawyers agree

    Answered . 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
    1-800-226-3529

    The answer given does not imply that an attorney-client relationship has been established and your best course of... more
  2. Heather Morcroft

    Contributor Level 20

    8

    Lawyers agree

    Answered . 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.

    If you found this answer helpful, let me know by clicking the "Mark as Helpful" button at the bottom of this... more
  3. Barbara Billiot Stage

    Pro

    Contributor Level 20

    8

    Lawyers agree

    Answered . 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... more
  4. Dennis Michael Phillips

    Contributor Level 17

    1

    Lawyer agrees

    Answered . Follow this link for my response:
    http://www.youtube.com/watch?v=CDaCfI8VqD4

    Dennis Phillips is an attorney and financial planner based in South Florida. He is a member of the Florida bar, he... more

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