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What is a Life Estate? Explanation of Life Estate Deeds Form

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What is a Life Estate? Explanation of Life Estate Deeds Form

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[Music] hello my name is Christopher Lavin we are an elder law firm here in Lebanon Ohio clients will come to us and say Chris what is this life estate deed or Lady Bird deeds as we used to call them Lady Bird Johnson is actually one of the folks that person that just created a life estate deeds do have a purpose and we used to use them very typically in this type of law basically what you're doing is you're giving the property to the children we call that the remainder issue but you're reserving the right to live there so you're keeping some interest in the property we keep your interests in the property because we don't want you to have a liability issue the gift to the children is not completed till you pass away so if the gift is not complete until you pass away if the children have an accident or get divorced you're still able to stay in the property it's a promise in the future let's say and also we keep some tax pla

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