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Life Estates and Remainder Interests Are Exempt in Bankruptcy Cases

Posted in Bankruptcy

Life Estates and Remainder Interests Are Exempt in Bankruptcy Cases Posted: 09 Jun 2012 10:00 AM PDT United States District Court, In Case of First Impression, Permits Homestead Exemption to be Used to Protect Future Interests in Real Estate Used as a Home Written by Craig D. Robins, Esq. Many senior citizens, as part of an elder-law planning strategy, transfer title of their homes to their children while retaining a life estate. Doing so, and waiting a requisite period of time, enables the seniors to qualify for certain Medicaid benefits, and further permits the house to pass without probate. However, up until recently, there was a degree of uncertainty by some bankruptcy trustees as to whether the remainder interests were protected in bankruptcy. A Typical New York Family Tries to Exempt a Remainder Interest in their Home In 2009,...

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