Q: We live in WA and would like to add adult children to two mortgaged homes. We live in one home. Do we need a Life Estate
We are in our late sixties and our estate consists of the equity in our mortgaged homes and life insurance to be divided between three children. Our daughter and granddaughter live in one home and we live in the other. Our goal is to avoid probate and while we plan to age at home, doing this may ensure our homes will be free from a Medicaid lien if we need long term care in a nursing home.
A:
You need to do Estate planning and set up Revocable living trust (feel free to read more info on how Revocable trust operates on my website below it has comprehensive tutorials).
The best thing to do is to do a Triest, transfer all your real estate and bank accounts into such trust and leave it to your children after your death. The trust will avoid probate.
Feel free to call with additional questions.
Sincerely,
Inna Fershteyn
Law Office of Inna Fershteyn and Associates, P.C.
1517 Voorhies Ave, Suite 400
Brooklyn, NY 11235
tel: 718-333-2394
fax: 718-701-8859
www.BrooklynTrustandWill.com
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