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Tag: life estate

29Oct

Life Estate Is Not Subject to a Medicaid Lien

Posted by markelderlawon October 29, 2021in Estate Planning
senior man hiking in Fall elder care

According to N.J.A.C. 10:49-14.1 (n) (1), the State of New Jersey is not allowed to impose a Medicaid lien against a life estate. According to both federal and state law, the State of New Jersey is required to impose a…

Read More Life Estate Is Not Subject to a Medicaid Lien

17Oct

Problems When Life Estate Is Sold During a Person’s Lifetime

Posted by markelderlawon October 17, 2021in Estate Planning
client selling life estate

What happens if the property is sold during the lifetime of the parent?  Many individuals protect their home from Medicaid and the cost of long-term care by transferring their property to a family member but retaining a life estate interest. …

Read More Problems When Life Estate Is Sold During a Person’s Lifetime

30Oct

Seek Legal Advice before Gifting Assets

Posted by markelderlawon October 30, 2018June 15, 2022in Estate Planning
woman sitting outside with grandchildren

If significant assets are transferred to a child, then there will be a tax and estate planning ramifications from the transaction.  The transfer of funds may prevent the parent from obtaining Medicaid assistance to pay for needed long-term care. In…

Read More Seek Legal Advice before Gifting Assets

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