This form is a Life Estate Deed where the Grantor is an individual and the Grantee is an Individual. Grantor conveys and warrants the described life estate to the Grantee. This deed complies with all state statutory laws.
Life Estate For Medicaid Planning
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State:
Oregon
Control #:
OR-033-78
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Word;
PDF;
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How to fill out Oregon Life Estate Deed From An Individual To An Individual.?
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FAQ
Traditional Life Estates Can Create Problems The life tenant occupies the house and is responsible for paying taxes and general upkeep. While the beneficiary holds future interest in the house, they have no legal standing to ensure that the house is cared for and does not lose value.
Life estates are a versatile estate planning tool that can provide flexibility, control, and potential tax benefits for both grantors and life tenants. However, they come with restrictions on transferability. They also result in a loss of ownership rights and increased responsibility for property maintenance.
An irrevocable trust is a separate legal entity that takes ownership of your assets and manages them on behalf of beneficiaries. A life estate is simply a deed of ownership that lets you retain partial ownership of a property during your lifetime before passing the property on to another after you pass.
Disadvantages. The downside is that property transferred via a lady bird deed will be subject to a new tax assessment that could (and often does) result in higher property taxes generally.
The life estate ends at the death of the life tenant (or at the death of the last survivor of the life tenants if there is more than one). At that point, the so-called ?remaindermen? take over both full ownership and the right to occupy and control the property.