Aug 16, 2016 - 09:45 AM
Making transfers of property (even if it is just a remainder interest) are huge decisions. If your mom only retains a life estate, she will not have the opportunity to leverage the equity in her home in the event she wants to downsize. Decisions on protecting assets should be done carefully and with the guidance of a competent estate planning and elder law attorney. You need an attorney to draft the deed anyway, I would suggest discussing what other options may be available. Frequently a trust function as a more effective vehicle than using a retained life estate. As Medicaid varies from state to state, you should speak with a local (or locally licensed) attorney to assist in this matter.