Setting Aside The Use Of A Home And Assets
The elderly often face a dilemma as age and infirmities creep up. They want to keep their independence as long as possible, but they want their house and assets to go to their children when they die or enter a nursing home.
Carl J. Mangine, Attorney at Law, PLLC, can help accomplish both goals. Texas law allows for a life estate that transfers ownership of assets to the next generation, but allows the grantor to retain use of those assets in the meantime. Mr. Mangine helps families work out the details and ensure that the life estate complies with the law.
Creating A Texas Life Estate
A life estate can be part of a comprehensive estate plan, or it can serve as a simple and affordable alternative to a will. This document officially transfers a house and other assets of your choosing to an heir (typically an adult child). However, it specifies that the parent(s) will be allowed to live in the home for the remainder of their natural lives or until they are ready to enter a nursing home or assisted living facility.
This avoids a scenario in which family wealth, including home equity and life savings, are depleted to pay for elder care or tied up in probate. It also avoids a situation in which property is signed over to one’s children who then sell the house, spend the money or force their parents out.
Carl Mangine draws on 10 years of experience with wills, trusts and estates. He can arrange for the orderly transfer of property while protecting the interests of the elderly owners. A life estate is a “win-win” arrangement that allows clients to keep their dignity and peace of mind.
Providing Solutions In Elder Law
Carl Mangine represents clients in Schertz, Universal City and surrounding communities of Guadalupe County, including many retired military personnel. To discuss a life estate and other estate planning considerations, call our lawyer at 210-570-9918 or contact us online to arrange a consultation.