Tony Lewis, Summit Real Estate Group Valencia & Aliso Viejo (Summit Real Estate Group)

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Rainmaker
1,418,014
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

No.  It's not something I liked the thought of either.

Feb 19, 2022 02:52 PM
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Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

A trust is good enough for me.

Feb 19, 2022 05:39 PM
Rainmaker
2,676,070
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Waiting for you to die? Somebody may be doing just that. I know of a woman who wants to stay in her husbands house till she dies. I told her the husbands kids may just offer you $$$ to get out early since it is a million dollar home. 

Feb 19, 2022 05:23 PM
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3,128,949
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I recommend people seek legal and or tax advice to determine what is best for their estate planning. 

Feb 19, 2022 03:03 PM
Rainer
144,061
Karen Climer
Demetree School of Real Estate - Orlando, FL
Teaching people to pass the real estate exam

It would depend on the situation.  If you had a life estate where the remainder interest went to your heirs, I don't think they are waiting for your death anymore than if you owned it fee simple and the heirs would inherit it.

Also, it's common to have a life estate where the remainder interest is a trust.  For example, John Smith owns the home in life estate with a remainder interest to the John Smith Irrevocable Trust.  This is just a way to transfer assets to the heirs.

Feb 19, 2022 02:52 PM
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 

  My widowed neighbor was terminally ill.  She had no close relatives or heirs.  She had willed her house to her best friend (a lady who had gotten the short straw in life; now she could have a nice house in an upper middle class neighborhood). 

      She was concerned about probate, of having her will  challenged in probate court by some distant cousins who might come out of nowhere.

     I suggested she do a Life Estate, and sent her to a real estate attorney.  The lawyer drafted a textbook-perfect life estate deed, naming the best friend as the remainderman (that's the legal term in Florida; not the same thing as an heir).

 

   When Neighbor passed away, her best friend became our new neighbor!

Feb 20, 2022 03:20 PM
Rainmaker
4,453,299
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

At the mention of the subject, I would recommend contacting a good estate planning attorney to examine all the variables.

Feb 20, 2022 04:46 AM
Rainmaker
985,720
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I am not an estate planner or an attorney. If the subject came up from a client, I would have no advice other than to discuss the subject with experts. For the right situation, a life estate might be a good plan. I don't see that type of succession planning happening with my family...at this point.

Feb 20, 2022 07:57 AM
Rainmaker
4,373,129
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I've never looked into it and I would never make recommendations on any estate or financial planning to family, friends, or clients. It's not my area of expertise. Now... if they want my advice on buying or selling a home... that's a whole other matter!

Feb 20, 2022 05:20 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Your concern may be valid depending on who is doing the waiting, however other problems do lurk in such situations a others have found similar measures were not enough when the nursing homes came looking for more money from the owners of these estates.

Feb 19, 2022 07:00 PM
Rainmaker
1,330,565
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

50% of Americans don't understand irony and satire. I have a very dark-humor response to this, but, I know the whiners will complain, so I digress. 

Feb 20, 2022 08:49 AM
Rainmaker
5,766,228
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Tony,

We do not recommend anything that is outside of our expertise, we always recommend consulting professionals in the field.  A

Feb 20, 2022 07:37 AM
Rainmaker
591,476
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I have only seen one life estate involved with any real estate transaction we have experienced over the past 20 years.  I don't think they are that used.  And no, I wouldn't want any of my family in a life estate.

Feb 20, 2022 07:03 AM
Rainmaker
1,753,463
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

Each state would vary also with this question. 

Feb 20, 2022 06:01 AM
Rainmaker
1,352,042
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

No, i would recommend they talk to an attorney about that.

Feb 20, 2022 06:05 PM
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Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

This isn't something I have considered but my brother and his wife have one. He said they "tightened" up the wording. I suspect any "accidents" or "unexplained" deaths would result in the heirs being well investigated. 

Feb 20, 2022 11:16 AM
Rainmaker
5,204,036
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I would definitely have to contact someone with more information, but not thinking this would be my choice.

Feb 20, 2022 05:53 AM
Rainmaker
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Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

I've seen them work effectively

Feb 21, 2022 07:18 AM
Rainer
295,861
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

completely depends on the situation. Last year a woman client passed, her husband got a "life estate limited to his occupying the house" before it passes to her daughter.  So if he ever has to go to a nursing home it ends, but as long as he is living in the house he keeps it, pays the taxes and insurance, after he dies or moves out her daughter owns the house.

Feb 21, 2022 10:45 AM