My father-in-law gifted the family home to his daughter retaining lifetime living rights. He has not lived in the house fo...Read more
This is an increasingly common situation. The best solution is to use trusts, either a joint one created by you and your significant other or separate ones that you each create. In either case, you can provide that the house will be held in trust for the survivor and then the proceeds ultimately distributed as you direct. There are a few issues you will need to discuss: Who should serve as trustee? Who should have the right to appoint and remove trustees? What happens if the survivor no longer wants to live in the house, can’t afford to maintain it, or can no longer live independently? Who would get to decide to sell the house? What would happen to the proceeds? The more answers you work out in advance, the better things will function in the future.
We recommend you consult with an elder law attorney in your state. To find one near you, go here: http://www.elderlawanswers.com/elder-law-attorneys.
Local Elder Law Attorneys in Ashburn, VA
Judith Mtinick is well known for acting as a guardian, conservator, trustee or agent on behalf of clients or by court appointment. This experience gives her a wide perspective and extensive practical knowledge that she uses when advising clients in drafting their planning documents. Her experience, as a court appointed...
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...
Medicaid Rules, etc