Granting Myself A Life Estate

[PaulThompson]

I have Home in Georgia i would like to know if I can grant my self a Life Estae In my Home if I have a Mortgage?

Thanks

[lwpat]

Yes. You can transfer the home subject to a life estate and the mortgage but I do not recommend it. Life estates can turn into nightmares. The remaindermen also will not get the stepped up basis for tax purposes. If Medicaid is in the picture that can also be a problem. Also you will need the approval of the mortgage company.