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Non-Cattle Specific Topics
Coffee Shop
Will
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<blockquote data-quote="sstterry" data-source="post: 1694225" data-attributes="member: 28912"><p>A lot depends on age and health Kenny. Given your circumstance and assuming you have no desire to ever sell your real property, and further assuming that if something happened to you that you would not want your wife to be able to sell the land, then I have no problem with deeding property away and retaining a life estate. I actually recommend this a lot to older folks that want to leave things to their kids that have no intention of moving or ever selling their property (this is one way that probate can be avoided for some people).</p><p></p><p>Normally this comes up in the context of people older than you that face the potential of a nursing home at some point in their future. That is too long to get into in a post on the internet but as a "general rule" the Medicaid recovery lookback period is 60 months. I believe California is 30 months, but the rest of the states are 60.</p><p></p><p>So to answer your question, in some circumstances, it can be a good thing (you still need a Will for the personal property though). Just remember that a Will can be changed in the future, a Deed cannot.</p></blockquote><p></p>
[QUOTE="sstterry, post: 1694225, member: 28912"] A lot depends on age and health Kenny. Given your circumstance and assuming you have no desire to ever sell your real property, and further assuming that if something happened to you that you would not want your wife to be able to sell the land, then I have no problem with deeding property away and retaining a life estate. I actually recommend this a lot to older folks that want to leave things to their kids that have no intention of moving or ever selling their property (this is one way that probate can be avoided for some people). Normally this comes up in the context of people older than you that face the potential of a nursing home at some point in their future. That is too long to get into in a post on the internet but as a "general rule" the Medicaid recovery lookback period is 60 months. I believe California is 30 months, but the rest of the states are 60. So to answer your question, in some circumstances, it can be a good thing (you still need a Will for the personal property though). Just remember that a Will can be changed in the future, a Deed cannot. [/QUOTE]
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