My significant other and I have a house paid for (never a mortgage)and as it is in her name only, she wishes to leave it to me as a life estate. I understand I am to take care of upkeep and expenses, and upon my death it will revert to her son, her only heir. We have been together for 21 years. The original deal was this: She paid for the house and property, I furnished it and paid all bills, taxes, insurance, food, repairs, etc. We ae both in our mid 70's. I in turn have left a paid up $250K insurance policy if I should die first.
Hurricane Ivan destroyed the home, but State Farm and myself rebuilt it.
What sort of problems may I expect? May I leave the house if I need medical or custodial care and retain the life estate? Could she leve a fund to pay for contingencies, such as real estate tax or such? We never married due to the fact that I have tons of kids and grandkids and great grandkids and that fact may have muddied the water after my death (or hers).

