Local attorney explains how life estate (life use) deeds work and when they help
At a Town of Chili talk, attorney Ken Krauss described life estate ("life use") deeds as a way to keep the right to live in a home while transferring the remainder to heirs, and he outlined the trade-offs — including loss of control if the property is sold and limits tied to Medicaid and taxes.
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Ken Krauss, a partner at Evans Fox and former deputy town supervisor for the Town of Chili, told a Chili audience that a life estate deed conveys ownership to others while the grantor retains the exclusive right to live in and use the property for life.
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