What is the value of a life estate of a woman who is 93 years old? She has moved out of the hous.?
445667
Depends upon the location of the property (as in which State).\n\nAlso what do you mean by "life estate?"  Was she given a life estate in the property under the terms of someone else's Will?  If so, she has right and use of the property until she dies unless the Will was worded differently that the customary phrasing for bequeathing a life estate ~ that's why it's called a "life" estate.  There isn't any monetary value to a life estate, as far as I know, but laws do vary from State to State.\n\nFurther, if this *is* what you mean by a "life estate," the children need to consult an attorney who specializes in probate/estate law to find out if they can legally sell the house as long as their mother is alive.
239535
Um, this just seems cruel.  Why don't you ask your mother how she would feel about you planning on profiting after her death?  Who knows, maybe she will want to take this appraisal adventure with you as one last hoorahh.
738966
My mother is 46 and she has about $3000 in savings and no investments or retirement. So I'm pretty sure you're doing better than she is (and, sadly, she's about average for where we live)
1051830
You may wish to check with an attorney but for the most part the standard practice is this;\n\nSend her a registered letter. Inform her that if the property is not picked up in 30 days it is considered abandoned and under the law it will be disposed of. The property actually becomes yours to sell or toss out.\n\nAfter 30 days she s**t out of luck. Just be sure to send any correspondence registered receipt.\n\nYou do have to retain her stuff but after 30 days and the letter...ha!...no self respecting cop would pinch you.
686036
Oh.  Dear.  God.  \n\nThis is exactly why you don't post this kind of question in these forums.  None of these people know what they are talking about (with the exception of those that suggest speaking with a lawyer.)  There are serious tax and legal consequences to how you hand over property.  \n\nI am a California lawyer with very little experience in estate planning.  However, I have spoken with estate planning lawyers in my office often enough to know that the only person you should be speaking to right now is an estate planning lawyer.  Example -- if you quit claim (not "quick" claim) the house to your children, your children could kick you out of it tomorrow.  Presumably, you only want the children to have the home once you pass on.  This is usually done through establishing a trust estate.\n\nAnother example:  if you put title of everything you own in your children (as suggested by Loo) you lose all control over your property during your life.  This is a monumentally bad idea.   If you put your kids' names on title, you will not ever be able to dispose of any property without their approval.\n\nAnother bad example:  deeding the home over in exchange for $1.00 (as suggested by drdemento61.)  Again, big mistake.  This could easily be undone as a sham transaction.  Not to mention, there are serious tax consequences to both you and your children for this kind of stunt.  You and your children both would have to pay massive amounts of gift taxes.  And, as mentioned above, you'd immediately be dispossessed of your home.\n\nAs for making a will -- if you merely will the property to your children then the property will have to be run through probate.  Your kids may have to pay probate taxes.  Again, this is a complicated matter.  Go spend the money on an estate planning lawyer.\n\nWhat you need to accomplish is maintaining control over your estate during your lifetime while devising your property to your progeny to ensure the minimum amount of taxes taken out and the minimum amount of headache.\n\nDO NOT follow the purported legal advice of any person here (including myself.)  Go find yourself an estate planning lawyer.  You can find one in your area by doing a search on www.martindale.com.  Make sure that they are CERTIFIED in estate planning with at least 10 years experience.
690882
Same kinda thing happened to me. I listened to people who said do it the correct and legal way. I have nothing of my moms. So go get. Chances are your sister isn't going to take the time and money to take you to court over it. If it's value is mostly to you. If you could make some kind of written deal with her. Have her sign it. I'm sure she would agree to it. If she gets enough to get the next high with. Life is like cards. You gotta know when to hold-um and know when to fold-um. And sometimes you just got to walk away. Good luck. And my condolences.
681132
keep taking care of your mom in the loving way you are and to heck with the siblings.\n\nAs far as the land is concerned if you don't buy it there will be a big mess when she passes. \n\nMy ex got really pissy when his grandmother gave everything to her nephew...........but I thought it was the right thing to do because her nephew took care of her every day of her life after her only child passed.
1052476
how old she is . And where do you think she lives.
1029111
When I was in my 20's I sold everything I owned and moved to Fla to care for my grandmother. She had Alzheimer's and I kept her in her own home until she passed 3 years later.\n\nWhat Great answers! You should walk a little taller Today. Such nice people!!
64323
Absoultely not. I can just see it..poor Aunt Mae is the nursing home that WE are paying for.  How happy can she really be, shes blind and has a terminal disease.  Shes going to die anyway.  Shes old and doesnt think clearly.  We need to decide for her.  We think its best for all that she be put out of her misery.  No more having to chip in to help pay for Aunt Mae's care.  No more having to go visit her or feeling guilty when we dont. And then, there is the issue of her inheritance that surely will be coming my way in the even of her death. Yes, we took a vote and the family thinks its best to put her out of her misery.\n\nYou see, first it would be put in a way that we would leave it up to Aunt Mae to make the decision.  Then the argument would be made that the "family" of Aunt Mae really should be the ones to make that decision.  Its a slippery slope that we need to stay away from.
289171
I would first talk with the professionals that are taking care of her. If they feel good that she is on the right track and is not a game player anymore. Then I would contact her and feel for myself. (the one thing I do know about Mom is that she can read me like a book) If I feel comfortable that she has recognized that she has an illness and  needs psychotherapy, medication and she is willing to go to a halfway house to adjust her new life...Then yes i would buy the gas and go to her new life graduation....
758069
$ 123,000 dollars aprox. for a good property\n\n:>peace
112421
Relax!  I'm 58 and I don't own any property (that is, real property) either.  I live in an area where the average home price has gone over half a million dollars, and I probably never will own any real estate.  So what?  In the end, you can't take it with you.
885901
If she was on Medicare, there is a death benefit I believe it is like $250 only.  Did she own any property that you can sell? A home, furniture, jewelry? If the answer is no, then you will have to tell the funeral director that you cannot pay the bill in full- make arrangements for a payment plan, and also, check his bill to what is the acceptable fees for your area- you can go online and get that info from your state.....if you do not own a home, there really isn't anything the funeral director can do.   Sorry for your loss
788138
I'm in Australia.  As far as I'm aware the estate of the deceased person is required to pay the outstanding debts.  So your mother, as beneficiary, is required to pay the debts out of the money that was left to her, rather than out of her own money.  If there is insufficient money in the estate, then it will not be necessary for her to make up the shortfall.
169458
she is about 75 years old this coming september
127251
I'd move.  A peaceful life is worth a lot.