Florida
Basically I am an only child have no debt other than payable monthly credit card and mortgage with low interest and equity - basically trust worthy. I live in California and after years of mom refusing to set up revocable living trust for me in Florida to make things easier, she approached me and said she had found the answer an "enhanced life estate" for the house. I said great I still prefer a living trust but thanks... that was 2013. When refinanced my house for lower rate found out I was on the deed and mom and her lawyer (who I never met or instructed in any way) set up a Life Estate not an Enhanced LIfe Estate. She now wants me to do a quit claim so she again has the right to sell the house if she wants, as a regular LIfe Estate was not her intention. She says her reason is if I loose file for bankruptcy she could loose the house and have nowhere to go.. laughable if you knew me.
Normally I would do that but in the interim my dad's Parkinson's has progress and she has shown herself to have lest than his best interests at heart and she wants the house returned to just her name. Also as this was set up in 2013 the medicaid look back period is over and it makes no sense to reset that clock wth an 88 and 84 year old parents. Does it make sense for me to refuse the quit claim as I think it makes more sense for the house to be mine to sell if needed, and I could use fund on extras for them and visiting them, than for it all to go to medicaid eventually.. my mom says she wants it back in case we are ever bankrupt and the house is taken from her ( I think I have taken about 8 lotto tickets in my life and that is as close as I have come to irresponsible).... Should I quit claim? and what right does she have legally to take it back? can she say she did not understand her lawyer? More difficultly morally do you think I should just give it back to her when I think there is far more chance of house assets just going to medicaid than me ever running up debt on the house? Also considering deeding it back to my dad and her if I am given his power of attorney?
Basically I am an only child have no debt other than payable monthly credit card and mortgage with low interest and equity - basically trust worthy. I live in California and after years of mom refusing to set up revocable living trust for me in Florida to make things easier, she approached me and said she had found the answer an "enhanced life estate" for the house. I said great I still prefer a living trust but thanks... that was 2013. When refinanced my house for lower rate found out I was on the deed and mom and her lawyer (who I never met or instructed in any way) set up a Life Estate not an Enhanced LIfe Estate. She now wants me to do a quit claim so she again has the right to sell the house if she wants, as a regular LIfe Estate was not her intention. She says her reason is if I loose file for bankruptcy she could loose the house and have nowhere to go.. laughable if you knew me.
Normally I would do that but in the interim my dad's Parkinson's has progress and she has shown herself to have lest than his best interests at heart and she wants the house returned to just her name. Also as this was set up in 2013 the medicaid look back period is over and it makes no sense to reset that clock wth an 88 and 84 year old parents. Does it make sense for me to refuse the quit claim as I think it makes more sense for the house to be mine to sell if needed, and I could use fund on extras for them and visiting them, than for it all to go to medicaid eventually.. my mom says she wants it back in case we are ever bankrupt and the house is taken from her ( I think I have taken about 8 lotto tickets in my life and that is as close as I have come to irresponsible).... Should I quit claim? and what right does she have legally to take it back? can she say she did not understand her lawyer? More difficultly morally do you think I should just give it back to her when I think there is far more chance of house assets just going to medicaid than me ever running up debt on the house? Also considering deeding it back to my dad and her if I am given his power of attorney?
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