{"id":22,"date":"2007-06-07T14:59:00","date_gmt":"2007-06-07T14:59:00","guid":{"rendered":"https:\/\/mn-bankruptcy.com\/blog\/?p=22"},"modified":"2007-06-07T14:59:00","modified_gmt":"2007-06-07T14:59:00","slug":"life-estates-an-idea-from-hell","status":"publish","type":"post","link":"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/","title":{"rendered":"Life Estates: An Idea from Hell"},"content":{"rendered":"<p>This topic is an example of how it pays to have some <span class=\"blsp-spelling-corrected\" id=\"SPELLING_ERROR_0\">knowledge<\/span> of more than one area of the law, since it crosses several borders from one practice area to another.<\/p>\n<p>It has become a fairly common tactic for elderly people to transfer ownership of their home or farm to their children, and to keep a life estate. In other words, the children are given a deed which gives them ownership but provides that as long as the parents live, they retain possession of the property. People do this because besides avoiding probate, they hope it may help keep the property away from the state in the event that the parents wind up in a nursing home receiving Medicaid.<\/p>\n<p>I cannot state more strongly how in my experience this has almost always turned out to be a bad idea. There is a waiting period of several years before it helps with the Medicaid issue, and most folks never wind up on Medicaid anyhow. Meanwhile, this is a non-exempt asset which any creditor with a judgment may be able to attach. Or in the event that one of the children has a bankruptcy or divorce, this is an asset that gets all tied up in those processes.<\/p>\n<p>Just for good measure, if one of the children has a problem with the IRS or the Department of Revenue, this creates a handy asset for the tax men to grab.<\/p>\n<p>My advice to most older people who may be thinking about this: keep your home ownership, keep your dignity; the problems you are about to create may be much worse than the possible <span class=\"blsp-spelling-error\" id=\"SPELLING_ERROR_1\">aniticpated<\/span> problem you are trying to solve.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This topic is an example of how it pays to have some knowledge of more than one area of the law, since it crosses several borders from one practice area to another. It has become a fairly common tactic for elderly people to transfer ownership of their home or farm to their children, and to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Life Estates: An Idea from Hell&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-22","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Life Estates: An Idea from Hell - Better Call Dave - Bankrupt MN Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Life Estates: An Idea from Hell - Better Call Dave - Bankrupt MN Blog\" \/>\n<meta property=\"og:description\" content=\"This topic is an example of how it pays to have some knowledge of more than one area of the law, since it crosses several borders from one practice area to another. It has become a fairly common tactic for elderly people to transfer ownership of their home or farm to their children, and to &hellip; Continue reading &quot;Life Estates: An Idea from Hell&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/\" \/>\n<meta property=\"og:site_name\" content=\"Better Call Dave - Bankrupt MN Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/davidkelllylawoffice\" \/>\n<meta property=\"article:published_time\" content=\"2007-06-07T14:59:00+00:00\" \/>\n<meta name=\"author\" content=\"DaveKelly\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"DaveKelly\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/\"},\"author\":{\"name\":\"DaveKelly\",\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/#\/schema\/person\/a385963a920f92e1cf406fa921c98453\"},\"headline\":\"Life Estates: An Idea from Hell\",\"datePublished\":\"2007-06-07T14:59:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/\"},\"wordCount\":284,\"commentCount\":6,\"publisher\":{\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/#organization\"},\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/\",\"url\":\"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/\",\"name\":\"Life Estates: An Idea from Hell - Better Call Dave - Bankrupt MN Blog\",\"isPartOf\":{\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/#website\"},\"datePublished\":\"2007-06-07T14:59:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/#breadcrumb\"},\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Minnesota Bankruptcy\",\"item\":\"https:\/\/mn-bankruptcy.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Life Estates: An Idea from Hell\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/#website\",\"url\":\"https:\/\/mn-bankruptcy.com\/blog\/\",\"name\":\"Better Call Dave - Bankrupt MN Blog\",\"description\":\"Minnesota Bankruptcy Lawyer David Kelly discusses Filing Bankruptcy in Minnesota\",\"publisher\":{\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/mn-bankruptcy.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/#organization\",\"name\":\"Kelly Law Office\",\"alternateName\":\"Dave Kelly Law Office\",\"url\":\"https:\/\/mn-bankruptcy.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en\",\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/mn-bankruptcy.com\/blog\/wp-content\/uploads\/2018\/05\/Kelly_Bnnr-3.jpg\",\"contentUrl\":\"https:\/\/mn-bankruptcy.com\/blog\/wp-content\/uploads\/2018\/05\/Kelly_Bnnr-3.jpg\",\"width\":549,\"height\":144,\"caption\":\"Kelly Law Office\"},\"image\":{\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/davidkelllylawoffice\",\"https:\/\/x.com\/mnbankruptlawyr\",\"https:\/\/www.linkedin.com\/in\/david-kelly-5887aa7\/\",\"https:\/\/www.youtube.com\/user\/freshstartdwi\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/#\/schema\/person\/a385963a920f92e1cf406fa921c98453\",\"name\":\"DaveKelly\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en\",\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/25bc3be9b896136baf5897f6238b816558c7b3ecb8147373f71c203e2763a6e8?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/25bc3be9b896136baf5897f6238b816558c7b3ecb8147373f71c203e2763a6e8?s=96&d=mm&r=g\",\"caption\":\"DaveKelly\"},\"description\":\"I've been practicing law in the western suburbs of Minneapolis for over 37 years. Sometimes that seems like a long time, and other days I feel as if I just started. These days my practice is devoted entirely to counseling folks concerning their financial problems and representing them in Chapter 7 and Chapter 13 bankruptcy. One thing I don't do is credit repair. When asked about matters concerning credit scores, I like to say \\\"I'm a very good source of unreliable information about that.\\\" What I mean is that I hear a lot about it from my clients who often report back to me how they are doing after their bankruptcy is completed, sometimes even years later; but having heard some stories from a few people doesn't qualify me to give any advice. I spend a lot of time with my clients. I want to be sure we get it right. There are civil and criminal penalties for concealing or providing incorrect information in a bankruptcy care, and my goal is to keep myself and my clients as far away from problems like that as possible. You can find me in MInnetonka near I-394 and Hopkins crossroad. It's ten or fifteen minutes from downtown Minneapolis. You can see parts of Plymouth, Minnesota, Golden Valley, Minnesota and St. Louis Park, Minnesota from the high ground in front of my building. If you take a look at the map, you can see that most of St. Louis Park is closer to my office than many parts of Minnetonka.\",\"sameAs\":[\"http:\/\/www.mn-bankruptcy.com\"],\"url\":\"https:\/\/mn-bankruptcy.com\/blog\/author\/davekelly\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Life Estates: An Idea from Hell - Better Call Dave - Bankrupt MN Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/","og_locale":"en_US","og_type":"article","og_title":"Life Estates: An Idea from Hell - Better Call Dave - Bankrupt MN Blog","og_description":"This topic is an example of how it pays to have some knowledge of more than one area of the law, since it crosses several borders from one practice area to another. It has become a fairly common tactic for elderly people to transfer ownership of their home or farm to their children, and to &hellip; Continue reading \"Life Estates: An Idea from Hell\"","og_url":"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/","og_site_name":"Better Call Dave - Bankrupt MN Blog","article_publisher":"https:\/\/www.facebook.com\/davidkelllylawoffice","article_published_time":"2007-06-07T14:59:00+00:00","author":"DaveKelly","twitter_misc":{"Written by":"DaveKelly","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/#article","isPartOf":{"@id":"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/"},"author":{"name":"DaveKelly","@id":"https:\/\/mn-bankruptcy.com\/blog\/#\/schema\/person\/a385963a920f92e1cf406fa921c98453"},"headline":"Life Estates: An Idea from Hell","datePublished":"2007-06-07T14:59:00+00:00","mainEntityOfPage":{"@id":"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/"},"wordCount":284,"commentCount":6,"publisher":{"@id":"https:\/\/mn-bankruptcy.com\/blog\/#organization"},"inLanguage":"en","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/","url":"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/","name":"Life Estates: An Idea from Hell - Better Call Dave - Bankrupt MN Blog","isPartOf":{"@id":"https:\/\/mn-bankruptcy.com\/blog\/#website"},"datePublished":"2007-06-07T14:59:00+00:00","breadcrumb":{"@id":"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/#breadcrumb"},"inLanguage":"en","potentialAction":[{"@type":"ReadAction","target":["https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/mn-bankruptcy.com\/blog\/life-estates-an-idea-from-hell\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Minnesota Bankruptcy","item":"https:\/\/mn-bankruptcy.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Life Estates: An Idea from Hell"}]},{"@type":"WebSite","@id":"https:\/\/mn-bankruptcy.com\/blog\/#website","url":"https:\/\/mn-bankruptcy.com\/blog\/","name":"Better Call Dave - Bankrupt MN Blog","description":"Minnesota Bankruptcy Lawyer David Kelly discusses Filing Bankruptcy in Minnesota","publisher":{"@id":"https:\/\/mn-bankruptcy.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/mn-bankruptcy.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en"},{"@type":"Organization","@id":"https:\/\/mn-bankruptcy.com\/blog\/#organization","name":"Kelly Law Office","alternateName":"Dave Kelly Law Office","url":"https:\/\/mn-bankruptcy.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en","@id":"https:\/\/mn-bankruptcy.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/mn-bankruptcy.com\/blog\/wp-content\/uploads\/2018\/05\/Kelly_Bnnr-3.jpg","contentUrl":"https:\/\/mn-bankruptcy.com\/blog\/wp-content\/uploads\/2018\/05\/Kelly_Bnnr-3.jpg","width":549,"height":144,"caption":"Kelly Law Office"},"image":{"@id":"https:\/\/mn-bankruptcy.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/davidkelllylawoffice","https:\/\/x.com\/mnbankruptlawyr","https:\/\/www.linkedin.com\/in\/david-kelly-5887aa7\/","https:\/\/www.youtube.com\/user\/freshstartdwi"]},{"@type":"Person","@id":"https:\/\/mn-bankruptcy.com\/blog\/#\/schema\/person\/a385963a920f92e1cf406fa921c98453","name":"DaveKelly","image":{"@type":"ImageObject","inLanguage":"en","@id":"https:\/\/mn-bankruptcy.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/25bc3be9b896136baf5897f6238b816558c7b3ecb8147373f71c203e2763a6e8?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/25bc3be9b896136baf5897f6238b816558c7b3ecb8147373f71c203e2763a6e8?s=96&d=mm&r=g","caption":"DaveKelly"},"description":"I've been practicing law in the western suburbs of Minneapolis for over 37 years. Sometimes that seems like a long time, and other days I feel as if I just started. These days my practice is devoted entirely to counseling folks concerning their financial problems and representing them in Chapter 7 and Chapter 13 bankruptcy. One thing I don't do is credit repair. When asked about matters concerning credit scores, I like to say \"I'm a very good source of unreliable information about that.\" What I mean is that I hear a lot about it from my clients who often report back to me how they are doing after their bankruptcy is completed, sometimes even years later; but having heard some stories from a few people doesn't qualify me to give any advice. I spend a lot of time with my clients. I want to be sure we get it right. There are civil and criminal penalties for concealing or providing incorrect information in a bankruptcy care, and my goal is to keep myself and my clients as far away from problems like that as possible. You can find me in MInnetonka near I-394 and Hopkins crossroad. It's ten or fifteen minutes from downtown Minneapolis. You can see parts of Plymouth, Minnesota, Golden Valley, Minnesota and St. Louis Park, Minnesota from the high ground in front of my building. If you take a look at the map, you can see that most of St. Louis Park is closer to my office than many parts of Minnetonka.","sameAs":["http:\/\/www.mn-bankruptcy.com"],"url":"https:\/\/mn-bankruptcy.com\/blog\/author\/davekelly\/"}]}},"_links":{"self":[{"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/22","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/comments?post=22"}],"version-history":[{"count":0,"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/22\/revisions"}],"wp:attachment":[{"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/media?parent=22"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/categories?post=22"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/tags?post=22"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}