Skip to main content

Can I transfer life estate to another property?

My mom has a life estate in a house that she and my dad lived in for years before he died. I also lived with her in the house and I'm the remainder estate holder so I will get the house when she dies. I'm an only child and so there are no sibling issues but I want to do things right because of my aunt who likes to look over my shoulder when it comes to my mom. My question is if I want to sell the house and move to another home can I just transfer the life estate to that new home? How would that work? Thank you.

Transfer life estate

You can certainly sell the home with your mom's permission.  She would then be entitled to a percentage of the profits based on a formula that considers her age at the time of the sale.  You could then buy a new home with her or on your own and create a new life estate.  However, selling the home could create tax and medicaid planning issues for you and your mother.  Whether it would make sense in the long run will depend on a number of factors, such as your current financial situation and any estate planning your mom may have already done.  So, before taking any steps, I would consult a Massachusetts elder law attorney to discuss the plan.  The relatively small amount you will pay in legal fees my be a bargain if she is able to devise a plan that saves you money and aggravation in the long term.  Good luck.

Talk to a Lawyer Today
Find an Elder Attorney in your County
Most offer FREE Consultations