life estate

[irab]

What kind of deed do I have to file in order to transfer my house to my children while retaining a life estate?

 

[Tracey]

You'll need to file a quit claim deed granting yourself a life estate in the house & granting the reversion to the kids. Before you do this, however, you really should talk to a lawyer. This transaction will have tax, social security, medicare, estate planning, and gift tax implications that you need to understand before acting. It may be that your ultimate goal can be better achieved another way (estate planning, joint tenancy) or may even be forbidden by law (for example, if you're trying to qualify for Medicare & keep your house at the same time).

If a life estate deed is really the best option, the deed won't take the lawyer very long. Good luck.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws. [email protected] - please include some facts so I know who you are!