Re: Right to Occupy v. Life Estate

Agreed. A life estate really is a "trust".

Kirby G. Upright, Esquire
King, Spry, Herman, Freund & Faul, LLC
One West Broad Street, Suite 700
Bethlehem, PA 18018
Telephone (610) 332-0390 or (570) 424-8031
Fax: (610) 332-0314
 
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-----Original Message-----
From: realproperty-bounce_at_list.pabar.org
[mailto:realproperty-bounce_at_list.pabar.org] On Behalf Of Marvin
Rudnitsky
Sent: Thursday, August 17, 2006 2:55 PM
To: Paul Fabiano; elder_at_list.pabar.org; realproperty_at_list.pabar.org
Subject: [realproperty] Re: Right to Occupy v. Life Estate

For almost every purpose I can think of, I'd expect that this will be
treated as a trust or trust-like arrangement, as well as a life estate
under 2036 IRC.

                        Marv

Marvin J. Rudnitsky, J.D.
Rudnitsky & Hackman, LLP
The Courtyard Offices
1372 N. Susquehanna Trail, Suite 130
Selinsgrove, PA 17870
(570) 743-2333 phone
(570) 743-2347 fax
(888) 505-6115 toll-free
rudnitsky_at_rudnitskyhackman.com
www.rudnitskyhackman.com
 
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-----Original Message-----
From: realproperty-bounce_at_list.pabar.org
[mailto:realproperty-bounce_at_list.pabar.org] On Behalf Of Paul Fabiano
Sent: Thursday, August 17, 2006 9:59 AM
To: elder_at_list.pabar.org; realproperty_at_list.pabar.org
Subject: [realproperty] Right to Occupy v. Life Estate

Grantor executes deed and reserves right to use and occupy premises as
personal residence for life. He cannot rent property, but is
responsible for maintenance and taxes. There is nothing prohibiting the
sale of the life estate, but upon the sale of the whole premises,
grantor would receive no proceeds.

Does anyone have experience or problems with such a deed in regard to
Medicaid planning? Is this viewed as a life estate?

Paul T. Fabiano, JD, LLM

Tax Counsel

Molewski Financial Partners

100 Gateway Drive, Suite 300

Bethlehem, PA 18017

Phone: 610-865-2600

Fax: 610-865-2408

pfabiano_at_molewskifinancial.com <mailto:pfabiano_at_molewskifinancial.com>

www.molewskifinancial.com <http://www.molewskifinancial.com/>

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Received on Mon Aug 21 2006 - 10:52:33 PDT