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Should I Get A Life Estate For My 76 Year Old Mother?
I Am Working With An Elder Care Lawyer Who Reccomended A Life Estate For My Mother. She Has Been Living With My Husband And Me For Six Months. She Has The Beginnings Of Alzheimer’S And Can'T Do Somethings For Herself. We Are In The Process Of Selling Her House. We Are Using The Life Estate To Perserve What Little Money She Has Left, And Make Her Medicade Eligible When She Can No Long Live With Us And Needs Nursing Home Care. Our Attorney Said We Can Realistically Shelter $150,000 By Having An Life Estate, As Long As She Lives With Us For One Year. Upon Her Death The Money Would Be Divided Between Her Heirs. I Know Very Little About This Topic And The Infomation On The Internet Is Very Confusing.
I'm a little confused about your question... Are you buying something for your mother or are you acquiring your mother's stuff to keep it for her until her death?
Here's what a life estate is... it's a transfer of property for the life of that person. It means that when an owner transfers to (we'll call her) Sally, then Sally has all of the rights to the property for the duration of her life. She can use it how she wants, she can sell it, she can expand it (build on land or something like that), she can do anything that a normal owner of a piece of property would do. The only difference between a life estate and normal ownership is that when the life ends, the ownership ends, and it reverts back to the original owner, the person the property transfered from. That means that Sally could not pass that property in her will to her friends and family. At Sally's death, the original owner gets the property back and has all of the ownership rights again and that person can pass it through his will to whoever he chooses, or he can sell it or build on it or whatever.
If you were taking your mother's property for the duration of her life, you would have complete control over the property until her death, and when that day comes, her will would determine what happens to the property at that point.
If you were looking to buy your mother a house or something like that for the duration of her life, it would probably save you money because the original owner would get it back when the life ends and it you would not have to worry about what happens to it after her death because it would be the original owners again. The only problem would be if your mother could no longer use that property, but didn't die for years afterward... it would be like owning an apartment for 10 years and not being able to use it after the 5th year... you'd still pay for the other 5, but you wouldn't have much use for it: and you'd have a lot of difficulty selling it because people would want to own it for as long as they desired rather than for the 5 years remaining... and it's even harder with a life estate because we can't predict when anyone will die: we could buy the rest of the life estate tomorrow and the person dies in a week and so that's all we get to use the property for.
If you were giving something to your mother for a life estate... like if you were conveying something to her (we'll say it's a shirt because that should make it easy to understand)... she would have complete use of that shirt until she dies. She can wear it as often as she wants, wash it however she wants, she can decorate it, she can let others wear it, she can gift it to someone else... she can do anything, but when she dies, it is yours again and you have complete say over the shirt again... even if she tried to will it to someone else, it would be yours. or if she had gifted it to (we'll say) your sister while she was living, when she died, the sister would have to give it back to you because it would be yours again.
I hope that clears some things up for you. If your attorney said it would save you money, I'm sure you can trust him. I'm not really sure what sort of conveyance you're talking about, but your attorney is there to serve you. Estate planning lawyers really know what they're talking about, and if he says this is the best way to provide for your family, then he's probably right. If you estate plan correctly throughout a few generations, you can literally save millions of dollars... I did a big essay on it 2 summers ago.
If you'd like more information, you can clarify your question and I can do my best to explain more. If not, good luck in all of your decisions :)
How Hard Is It To Find Work After Becoming A Lawyer?
When I Graduate I Am Wondering If It Is Going To Be Hard To Find A Job. I Would Like To Work As An Attorney Or Just At A Firm.
I graduated from law school about a year ago and found a job within a few months. The main thing is to have at least one or two internships in some type of civil practice if you'd like to work for a firm. Also, if you can't find a full time job right away, then at least get a job as a law clerk or something part time. Law firms hate gaps in your resume.
Can Legal Aid Help Me?
My Rent Is Due O The 1-5Th Of Evey Month...After The 5Th We Have A $50 Late Fee..Me An My Roomates Pay That Every Month...An We Usually Get A Three Day Everymonth Like 2 Weeks Into The Month....Then Thatmakes Us Finally Pay Our Rent. So This Month...I Went In To Pay My Rent On The Last Day Of The Three Day And They Refused It...They Said My Three Day Was Posted On The Eight....Even Though It Wasnt On Our Door Until Week Later...I Went To Pay It On A Monday ...An They Refused It Because They Said It Wt To Legal Friday....And Now They Are Saying We Have To Pay 1300 And 600 Legal Fees! By Tommorrow!...They Said Other Ppl Got There Three Days Late In The Mail Too...But Yet There Going By When They Sent Them Off ....Not When We Found Out We Even Had It. I Dont Think Its Legal And Im Going To Go To Legal Aid If They Can Help...Because They Shuldnt Be Able To Add Legal Fees Until The Last Day Of The Month...Or The First Day Of Next Month...Not On The 10Th Of The Month. Am I Rite?....We Cant Pay 1900 By Tommorrow So We Need To Get More Time Thats Where Legal Aid Will Come In. So My Question Is....What Can Leagal Aid Do?...And Do What There Doing Sound Legal?
Gus gave you a great answer---I just want to add something about Legal Aid. In my state they will will send a lawyer to help you in Court. But---you need to do an intake and have an actual Court date and household income is considered before they become involved.. I have never been awarded legal fees or even recovered any of my filing costs.
I Need Fre Legal Consultation?
I Got A Notice Of Entry Of Judgment And Also A Order Of Financial Disclosure And Financial Disclosure Ststement Do I Hve To Do This
yes. This is a judgment debtor examination to see if you can pay the judgment or if the plaintiff will be allowed to seize assets to pay the judgment. If you don't comply with the order, the court could hold you in comtempt and drop you in jail until you comply.
Ok I Just Filed Child Support Through The Attorney General But Me And My Ex Havent Been To Court Yet For ?
Custody. We Were Never Married But Lived Together And Broke Up 2 Years Ago.. Now I Have Set Up A Arrangement So That Both Of Us Can Have Him Equally During The Week So Niether Of Us Has Him Or Or Less..Hes Not Paying Child Support So I Finally Filed. I Have Asked Him For Some Sort Of Child Support And He Tells Me Everytime That He Dosent Have To Pay Because He Takes Care Of Him When He Has Him..So What I Wanna Know Is...How Does It All Work? What Will Happen Next And Will This Lead Us To Court? Have They Sent Papers To His House Yet Or Do They Wait To Talk To Me? Can Someone Please Help Me Thats Been Through This..Please Explain Your Story..Thanks.
This link will provide you with the info but you will probably need a court order to arrange the amunt and even schedule the visititation, without an order the AG would not be able to assist you unless the other party were willing and it doesn't soud as though he is.~
Texas Child Support Laws
Complete information on Texas child support laws. Professional preparation of Texas divorce papers. ... 070 of the Texas Family Code. Child Support Guidelines. ...
www.helpyourselfdivorce.com/texas-chil... Texas Child Support Laws
Mediation Personal Injury Case?
Suppose You Settle On Mediation, I Want To Know What Is Deduction Lawyers Would Do After Settlement, I Have 25% And Plus Disbursement
And I Also Recieved Income Replacement Benefit.
The Lawyer Say To Me He Would Got Disbursement From Opposite Party If It Settle
Any One Know That I Want To Afraid To Make Decision On It
I would assume that you have a signed contract with this attorney. That contract will outline exactly what the attorney is to receive. Usually it is a percentage (usually, at least a third) PLUS expenses. The cost of the mediation would be an expense that gets deducted from your portion of the settlement. Expenses are generally considered to be things like filing fees, mediation costs, travel expenses, fees for obtaining records, postage, copies, faxes, etc....These can really pile up during litigation and can take a huge bite out of a settlement.
Don't really know what you mean by "disbursement"....I'm going to assume that they are expenses. Of course the guy told you he'd "get it from the opposite party", the entire settlement will come from the opposite party! What he probably neglected to tell you is that they (the expenses) would come out of YOUR cut! If, by your contract with this lawyer, you are to receive 25 percent of the settlement amount AND you have to pay expenses also, you are going to be left with very little....I think this guy (the lawyer) took you to the cleaners....