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When a revocable life estate deed doesn't carry homestead benefits

3 0
wednesday

Not only could an owner cancel the revocable life estate deed, but they could remove residents or even sell the home and pocket the proceeds.

Q: I own a home that my sister and her husband live in, and I claim the homestead exemption on my primary residence. I was told by a real estate title expert that if I sign a revocable life estate deed as grantor, giving my sister and her husband a life estate in the property as grantees, they would then be listed as the owners on the appraisal district’s website and would be able to claim the homestead exemption. I would retain the right to cancel the life estate. Several weeks ago, you said this could not be done. I think you should retract your statement that it's not possible and publish a clarification.

A: I’m going to stick with my........

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