Life Estate Property Inclusion

Summary

A life estate in new york can include real estate, personal property, and financial assets. After 5 years, assets are generally protected from medicaid estate recovery. Consult a legal expert for personalized advice.

Full Conversation

Yes. House I live in with no mortgage, car, checking and savings accounts, investment accounts, car.
In New York, the items you've mentioned can generally be included in a Life Estate. Here's a brief overview:
- House with no mortgage: Yes, you can include this in a Life Estate.
- Car: Yes, it can be included.
- Checking and savings accounts: Yes, these can be included.
- Investment accounts: Yes, these can also be included.
Would you like more detailed information on how to proceed with setting up a Life Estate for these items?
Does the car need to be retitled?
In New York, when you include a car in a Life Estate, it typically does not need to be retitled immediately. However, it’s advisable to consult with a legal expert to ensure that your Life Estate is set up correctly and your intentions are clear. Would you like help connecting with a local lawyer for more detailed guidance?
No. Thank you.
Case Rating: *
It seems like you have a solid understanding of what can be included in a Life Estate and have gotten some basic information. If you have any more questions or need further assistance, feel free to ask!
Are a person's assets protected from Medicaid once when using a Life Estate and 5 years have passed from date of signing?
Case Rating: *
Once 5 years have passed from the date of signing a Life Estate in New York, the assets included generally are protected from Medicaid estate recovery. This is known as the "look-back" period. However, it's important to consult with a legal expert for specific advice tailored to your situation.
Is there anything else you would like to know?
No. Thank you.
Case Rating: *
It looks like you have a good understanding of Life Estates and their implications. If you have any more questions or need further assistance in the future, feel free to reach out. Have a great day!