Life Estates
Life estates can be powerful but carry long-term consequences if not structured correctly. Marano Law P.C. brings together estate planning and real estate experience to ensure your deed is properly drafted, recorded, and aligned with your overall goals. Whether you are a homeowner planning for family or an heir navigating inherited property, we provide the clarity and protection you need to move forward with confidence.
SERVICES
MEDICAID PLANNING WITH LIFE ESTATES
Life estates are a common strategy in Medicaid and long-term care planning. By transferring a remainder interest while retaining lifetime occupancy, families can preserve property for heirs while meeting eligibility requirements.
SELLING PROPERTY WITH A LIFE ESTATE
Selling a home subject to a life estate requires the consent of both the life tenant and the remainderman, and raises questions about the division of sale proceeds.
LIFE TENANT RIGHTS & RESPONSIBILITIES
A life tenant has the right to occupy the property, but also obligations to maintain it and cover expenses. Clarity is critical to avoid disputes with remaindermen.
REMAINDERMAN RIGHTS & PROTECTIONS
Remaindermen hold a vested future interest in the property. Protecting that interest requires understanding rights and remedies if the life tenant mismanages or wastes the property.
TAX & FINANCIAL IMPLICATIONS OF LIFE ESTATES
Life estates affect property taxes, capital gains, and estate tax planning. Proper structuring ensures tax efficiency and avoids unexpected burdens for heirs.
TERMINATING OR MODIFYING A LIFE ESTATE
Sometimes, a life estate no longer fits a family’s needs. Termination or modification may be possible through agreement or court action.
