Q: HOW DO I GET A LIFE ESTATE PUT IN A DEED
A:
The current owner of the property would need to sign a new deed that creates the life estate and names the person or persons who will receive ownership of the property when the life estate holder dies. The deed then gets recorded like any other deed at the county clerk in the county where the property is located.
However, before executing a new deed, you should consider that the creation of the life estate can result in unintended consequences. For example, the creation of the life estate may result in ineligibility from receiving certain government benefits, such as Medicaid and Supplemental Security Income ("SSI"). Depending on who will receive the property after the death of the life estate holder, there could be NJ Inheritance Taxes imposed. It may it difficult in the future to obtain a home equity loan. More information about the risks of a life estate deed are in an article at http://www.norrielaw.com/articles/Medicaid-Life-Estate-Special-Power-App.... These are just some examples and a legal professional should be consulted before executing a deed to create a life estate.
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