Life Estates – What Are They and Why Do We Need Them?

Life Estate Advantages:

  • Under a life estate, the owners have the right to use the property for life.
  • Starts the Medicaid 5-year look back
  • Avoids probate

Life Estate Disadvantage:

  • Joint property ownership
  • Can’t sell without partners approval
  • If something happens to the partners, the property is at risk

Contact the attorneys at Herzog Law firm to talk about a Life Estate or a Trust.