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He has a life estate moved to a nursing home can the owner of the home go check it?
Yes. If the life estate holder has been moved to a nursing home and you think it's a permanent move then you can take charge of the property in order to prevent loss or damage. You are the fee owner. If it's a temporary move you can still take charge of the property during the nursing home stay. The property can't be mortgaged or sold as long as the life estate holder is living without their consent.
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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?
ConsA life estate can make it hard to sell property. There is the German who bought a rent controlled apartment from an old lady subject to a life estate. She has lived to be over 100 and he still hasn't gotten the apartment! 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.
Do you pay tax on rented property when you are retired?
Real estate taxes are charged to the owner of real estate not the renter. Indirectly the renter is paying for a portion of the real estate tax in the rental rate being charged by the owner. If your question concerns the renting of property that you own as a retired person, contact the local assessor in your city or county, as the tax laws vary by state within the United States.
Is a person who is 65-years-old and retired responsible for paying a loan they co-signed for if the owner defaults?
Yes - unfortunately when you cosign a loan - you cosigned a loan and if the owner defaults you are still responsible no matter how old you are. You could check with the lenders but wait until they contact you.
How can a home owner deed his house to his children prior to moving to a retirement home?
The homeowner can transfer ownership of the house to their children through a deed transfer, such as a quitclaim deed or a warranty deed. It's important to consult with a real estate attorney to ensure all legal requirements are met and to understand any potential tax implications of the transfer. Additionally, consider the implications on Medicaid eligibility if the transfer is made within a certain timeframe before moving to a retirement home.
How do you convert a 33 unit rental condo building to an owner occupied 50 and older retirement condo complex?
Your terminology in the question is confusing: either your building is a rental building, or it's a condominium building. Each presents different challenges for conversion. If your building is a rental building, the owner can hire an association-savvy attorney to develop the governing documents, and work with a team to establish conversion prices, move-out arrangements for tenants who chose not to buy, and identify residents who won't be required to move. If your building is a condominium, your association-savvy attorney can help you survey owners to identify the chances of gaining the uber-majority of votes required to amend your governing documents. Then, the attorney can draft the amendment and lead the membership through the voting process. Again, logistical arrangements for residents who do not qualify under the new governing documents and will be required to move, must be made and implemented.
Who owns a renter - occupied apartment?
The owner of the real estate owns the apartment. You can check to determine the owner by doing some research in the local land records or the tax assessor's office.
How can you get a deed for a house if the owners dead?
The owner's estate must be probated and you would need to get a deed from the court appointed estate representative.The owner's estate must be probated and you would need to get a deed from the court appointed estate representative.The owner's estate must be probated and you would need to get a deed from the court appointed estate representative.The owner's estate must be probated and you would need to get a deed from the court appointed estate representative.
Can you change the rings to shoot low brass shells in model 1100 3 magnum?
Check with the owner's manual to see if the rings can be moved. A manual can be obtained from the Remington web site. If in doubt, visit a gunsmith. Check with the owner's manual to see if the rings can be moved. A manual can be obtained from the Remington web site. If in doubt, visit a gunsmith. Check with the owner's manual to see if the rings can be moved. A manual can be obtained from the Remington web site. If in doubt, visit a gunsmith.
What is the term used for an estate owner in Scotland?
A Laird is a hereditary title for the owner of a landed estate in Scotland.
What happens when a pod beneficiary dies before the account owner dies?
The owner must name another beneficiary for the account or it will pass into the owner's estate at the time of their death.The owner must name another beneficiary for the account or it will pass into the owner's estate at the time of their death.The owner must name another beneficiary for the account or it will pass into the owner's estate at the time of their death.The owner must name another beneficiary for the account or it will pass into the owner's estate at the time of their death.
I have moved in with my terminally ill uncle to take care of him but my sister will inherit the home after his death. Can she evict me when he dies?
Yes, after his estate has been probated she will be the legal owner of the property.
When property owner dies who can dispose of his estate by will?
Only the owner can dispose of his estate by will.When a property owner who left a will dies her/his will must be submitted to probate court so the court can verify the will is technically valid and then the court will appoint an executor to settle the estate. If the owner left no will an administrator must be appointed by the court to settle the estate according to the state laws of intestacy. You should contact an attorney who specializes in probate. You can check the laws of intestacy in your state and other jurisdictions at the related question link.
Who own a renter-occupied apartment?
The owner of the real estate owns the apartment. You can check to determine the owner by doing some research in the local land records or the tax assessor's office.
Who owns a renter-occupies apartment?
The owner of the real estate owns the apartment. You can check to determine the owner by doing some research in the local land records or the tax assessor's office.
Who pays the property taxes on life estate?
The owner of the life estate.
Where can one find a house for sale by owner?
There are many places a person may find a house for sale by owner. The location of these properties varies by state. An individual may check their local real estate classified advertisements for homes that are being sold be the owner. A person may also check on Craigslist for homes for sale by the owner.
The owner of a spanish estate?
Hacendado
