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What are the pros and cons of having a life estate agreement for a parent who may have to enter a nursing home?
Wiki User
∙ 10y ago
If the property is left vacant, often the case when an aged parent goes into a nursing home, it tends to get run down and is not maintained well, reducing the resale value.
ProsReserving a life estate allows the owner to sell the property, retain the right to use it for life and avoid it being part of their probate estate when they die. This could reduce the estate's taxable value. It also provides cash for the individual to pay for a nursing home or other needs.
Being conveyed property by a parent who retains a life estate in property means that you have a fee interest in the property, while your parent is living, and the title will vest fully in your name when your parent dies. It also gives your parent rights to the use and possession of the property while he/she is living.
The parties should discuss the situation with an attorney who can review the situation, explain the options and the consequences.
ClarificationThe life estate can be drafted by an attorney so that in the event the parent can no longer live on the premises the life estate is extinguished. Any instrument that affects the title to real property should be drafted by an attorney who specializes in that area of law. Any deed or life estate can be made subject to certain conditions. Seek professional advice.
Wiki User
∙ 10y ago
Pros: It allows the parent to retain the right to live in the property until their passing, potentially providing stability and comfort. It may also offer some protection for the property from being taken to pay for nursing home care.
Cons: This arrangement could complicate the parent's eligibility for Medicaid if they need to enter a nursing home, as the property may be considered an asset. It may also limit the family's ability to sell or transfer the property if needed.
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Are adult children responsible for a parent's nursing home debt in Pennsylvania?
In Pennsylvania, adult children are not typically responsible for a parent's nursing home debt. However, there are exceptions if they agree to be financially responsible or if there is evidence of financial abuse. It is advisable to seek legal advice in such situations.
How to choose a nursing home for an elderly parent?
When choosing a nursing home for an elderly parent, consider factors such as location, quality of care, staff-to-resident ratio, cleanliness, safety, activities and amenities offered, and reviews from current or past residents and their families. Visit potential facilities in person, ask questions, and observe the environment to ensure it is a good fit for your parent's needs and preferences. Additionally, consider the cost and insurance coverage to ensure it is affordable in the long term.
What can you do with an elderly parent who you can't take care of anymore?
Consider researching and arranging alternative care options such as assisted living facilities, nursing homes, or hiring in-home caregivers who can provide the necessary support and assistance for your elderly parent. It's important to prioritize your parent's well-being and safety while also taking care of your own needs and limitations. Seek advice from healthcare professionals or social workers to explore the best solution for your specific situation.
Are children responsible for living parents' debts when the parents are confined to a nursing home?
In most cases, children are not responsible for their parents' debts unless they have co-signed or guaranteed those debts. Medicaid may cover nursing home costs if the parents cannot pay. It is advised to consult with a legal professional to understand specific situations and liabilities.
You are 15 and you have an over controlling and manipulative parent is there any legal way you can move in with your grandparents?
I'm not a lawyer, but there may be legal options available for you. One option is to speak with a trusted adult, like a teacher or guidance counselor, about your situation. They may be able to provide guidance and help you access legal resources to explore the possibility of living with your grandparents. It may also be worth seeking advice from a family law attorney who can provide specific information based on your jurisdiction.
If the child who has been given a house with a parent having lifetime right of occupacy and the daughter has to go to a nursing home and becomes indigent is the house part of the daughter's estate?
Generally, the daughter would own the fee in the property subject to the mother's life estate. So the answer is yes, the property would be part of the daughter's estate.
Are children in the state of Maryland responsible to pay a debt to a nursing care facility of a parent who is deceased and has no estate but did leave beneficiary funds in retirement system?
If funds are noy part of the estate then no
If a child has been given a house with a parent having a lifetime right of occupancy and parent has to go to a nursing home can the child sell the property?
The parent must consent to the sale.
Can hospice make you put your parent in a nursing home?
No they can not make you put your parent in a nursing home.
How do you execute a contract to sell a property in which the parent has a life estate?
The parent must consent in writing to any documents relating to the sale of the property including the contract, any P&S Agreement and the deed.
Is a child of a deceased parent responsible financially for any debt incurred at a nursing home in North Carolina?
Not unless they signed taking that responsibility on. The estate has to resolve the issue.
Is a notarized agreement legal and binding if a parent refuses to comply with visitations?
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Can a collection agency go after children after a parent death for rent beyond the end of the month when the parent died when there was no probate?
No. Not unless the children signed an agreement to pay the rent. The decedent's estate is responsible for their debts. If there is no estate the creditor is out of luck. Send a copy of the death certificate by certified mail and tell them to stop harassing you.
When a child dies by negligence of hospital can a parent be the power of attorney for the estate?
No. The parent must seek appointment as representative of the estate through the probate court.No. The parent must seek appointment as representative of the estate through the probate court.No. The parent must seek appointment as representative of the estate through the probate court.No. The parent must seek appointment as representative of the estate through the probate court.
What has the author Lorraine Olszewski Walker written?
Lorraine Olszewski Walker has written: 'Parent-infant nursing science' -- subject(s): Maternity nursing, Research, Parent-Child Relations, Methods, Maternal-Child Nursing 'Strategies for theory construction in nursing' -- subject(s): Philosophy, Nursing Models, Nursing mocels, Nursing, Nursing Theory, Nursing models
Are adult children responsible for their deceased parent's unpaid nursing home bills?
No. Not unless they agreed in writing to be responsible for those bills. A parent's estate is responsible for paying their debts whether those debts are for a nursing home, credit cards or utility bills. Their property cannot be distributed until the debts are paid. If there are not enough assets in the estate the creditors are out of luck. The exception is mortgages. If the mortgage isn't paid the bank will take possession of the property by foreclosure.
Can you take your child to therapy?
If you are the non-custodial parent you need to be in agreement with the custodial parent about this.
