My parents created a life estate with me in January 1996. I was young when I became the remainder. To be honest, I did not know that was my title up until recently. Internet searching has brought me up to speed on certain aspects of the life estate. But I’m still unclear on a few.
What exactly is the remainder responsible for, taxes, mortgage, etc?
What exactly is the life tenant(s) responsible for, maintenance, utility bills, etc?
Recently the property has needed some repairs. My parents have asked me to help pay. This includes kitchen appliances, deck repair and painting for the interior. Some of the exterior work includes a new roof, gutters and painting. Is this common or is this a responsibility of the life tenant(s)?
Also I have been paying for all the taxes and some of the utilities. Is this for me to pay or the life tenant(s)?
As the remainder and a loving son I would like to make sure this continues to be the right choice for my parents and myself. My father is 81 and my mother is 68. What are the pros and cons of selling the property now as apposed to never? Also if the property is sold now how would I determine the amount each party is entitled too?
One I’m not fully aware of is how is pertains to Medicaid. What is the 5 year look-back period?
Thanks in advance.
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Editor's Response
All of the expenses that you mention are the responsibility of the holders of the life estate (your parents). Frequently, the holder of a remainder estate might help with those expenses if they are concerned about the condition of the property and interested in avoiding any liens on a property which will, in time, belong to them. In your case, of course, you are helping because your parents have asked you to. For additional information, follow this link to another article about life estates.
As for selling the home, unless your parents agree to such a sale, you can only sell your interest in the property, a remainder interest, subject to your parent's life estate. I have no idea what the going rate is for a home that comes with furniture and two elderly people. You should check with an estate planning attorney about your question dealing with the look-back period, but because the transfer occurred so many years ago, I do not think it will be an issue.