My question involves real estate located in the State of: PA
My father transferred his house deed to my siblings and I over 10 years ago. He has it set up a life estate where he is the life tenant. He is the only person living there. He takes care of ALL bills on the property. He is starting to decline, more forgetful than a physical health issue. If he would be placed into a nursing home permanently, and he runs out of assets to pay the bills, including the nursing home fees, we are concerned on how we would upkeep the property long term. Would we be able to sell the property? Or would we need to financially support the property until his death?
My brother and I have POA.
Thank you in advance.
My father transferred his house deed to my siblings and I over 10 years ago. He has it set up a life estate where he is the life tenant. He is the only person living there. He takes care of ALL bills on the property. He is starting to decline, more forgetful than a physical health issue. If he would be placed into a nursing home permanently, and he runs out of assets to pay the bills, including the nursing home fees, we are concerned on how we would upkeep the property long term. Would we be able to sell the property? Or would we need to financially support the property until his death?
My brother and I have POA.
Thank you in advance.
Life Estates: Life Tenancy when Parent Must Go into Nursing Home
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