Dear Michael: Like many people in our area, we too have a life estate with our children as residual deed owners. We completed this in 2012 and were told we had to stay out of the nursing home for five years and then we would be okay – that the only thing that could be used against us would be the income generated from our property. Our income is pretty substantial at over $100,000 per year, so we should be okay, shouldn’t we?
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Michael Baron
Michael Baron provides estate planning guidance at Great Plains Diversified Services in Bismarck, North Dakota. Email him at KeeptheFamilyFarm@gmail.com.
Michael Baron
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