life estate selling property

[brm12450]

What is the name of your state? ny

my mother deeded her house to me 5 years ago and retains a life estate. she is selling this house. the proceeds will be used to obtain an apartment in an independent living situation and pay all fees. i don't understand what portion of the proceeds i will get and what part my mother retains. needless to say i don't want to pay capital gains but i'm more interested in providing for my mother and protecting this money if she needs skilled care.

 

[HomeGuru]

What is the name of your state? ny

my mother deeded her house to me 5 years ago and retains a life estate5{this house. the proceeds will be used to obtain an apartment in an independent living situation and pay all fees. i don't understand what portion of the proceeds i will get and what part my mother retains. needless to say i don't want to pay capital gains but i'm more interested in providing for my mother and protecting this money if she needs skilled care.

**A: duplicate thread.

 

[mburger]

What is the name of your state? ny

my mother deeded her house to me 5 years ago and retains a life estate. she is selling this house. the proceeds will be used to obtain an apartment in an independent living situation and pay all fees. i don't understand what portion of the proceeds i will get and what part my mother retains. needless to say i don't want to pay capital gains but i'm more interested in providing for my mother and protecting this money if she needs skilled care.

I am curious what finally did happen with the sell and the corresponding buy. I am in a similiar situation and an getting conflicting advise from lawyers!! My situation is that I want to sell property and buy another with same arrangement (ie life estate). One lawyer said can't be done another said no problem. I want to go via the 1030 (Like Kind Exchange) since property was used as rental for past 15 years.