Protecting Property
A life estate is a legal interest in real property. A life estate is essentially just a method of splitting ownership of real property between two classes of people. A life estate is not outright ownership in the property, only the use of the property for a specified life in being. It requires a legal document called a Life Estate Deed. Elaine McGinnis Estate and elder care law in Tampa, FL will create this special deed form that allows a property owner to use the property during life and transfer the property automatically upon death. A life estate can be created by deed, trust, or a will.
Why Create a Life Estate
While there are other conveyances of property interests, life estates may be suitable for your unique situation. Elaine McGinnis, P.A. will take the time to understand your needs. Creating a life estate may be the right option for you when:
You want to allow a surviving spouse to remain in your shared home. If you have children from a previous marriage, but wish for your current wife to remain in the home for the rest of her life our Tampa estate attorney will create a life estate for the wife, with a remainder to your grown children.
You want to provide for a child with special needs. Perhaps you have a special needs child who lives with you. In the event of your death, you wish that your special needs child can continue to live in the home. If you have additional children you’d like to relay property to, we can create a Florida life estate deed for your special needs child and make the other children remaindermen.
You want to create a life estate for yourself. Elaine McGinnis, P.A. will help you convey an interest to yourself in a life estate and name children or other family members as remaindermen. This may be recommended by your elder care attorney when eligibility for Medicare is an issue. In this case, the property is transferred to your beneficiaries prior to your death, and you continue to reside in the property for the remainder of your life.
Contact Elaine McGinnis Law
If you are interested in obtaining information about life estate deeds, or estate planning advice, contact Elaine McGinnis Estate Law in Tampa, Florida!
Schedule a Free Consultation
If you are interested in obtaining information about life estate deeds, or estate planning advice, contact Elaine McGinnis Estate Law in Tampa, Florida!