What is an Enhanced Life Estate Deed?
Gainesville elder law attorney discusses enhanced life estate deeds. How can this type of deed help you pay for Medicare, while ensuring that you can easily pass on the rest of your assets to your loved ones?
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“The other thing that Medicaid encourages, and one of the things that we use quite frequently is something called ‘rental income-producing property.’ Medicaid likes rental income-producing property because what that means for them is that during the life of the person who they are paying for, they’re going to get this steady stream of income. Now what you can also do with that property--because you sometimes want to provide a benefit to your loved ones--is that when you die, you can do a deed so on the front end, when you come to see us, we’re going to do you an enhanced life estate deed.
That deed is the deed that you have on that rental income-producing property, and it means that before you die, Medicaid gets all the income. But when you die, that property is going to be owned by your named beneficiary, your remainderman on that deed. What this does to help everybody is that it allows you to pass on an asset to your loved ones that you’ve fought…you’ve saved $100,000. That’s significant. It also allows you to provide benefit to Medicaid which would be income during your stay in the nursing home, and then, when you die, you have something to give to your children.”