[CLBS] Life Estate and Homestead

[Randal French]

Its Thomason 2013 WL 625343 (Bkrtcy.D.Idaho).  

-----Original Message-----
From: Catherine Dullea [mailto:cldlaw at gmail.com] 
Sent: Monday, February 24, 2014 4:51 PM
To: Randal French
Subject: RE: [CLBS] Life Estate and Homestead



Wish I could open it.

-----Original Message-----
From: CLBS [mailto:clbs-bounces at admws.idaho.gov] On Behalf Of Randal French
Sent: Monday, February 24, 2014 3:16 PM
To: Laura Burri; clbs at admws.idaho.gov
Subject: Re: [CLBS] Life Estate and Homestead

What a coincidence.  I was reviewing decisions on homestead exemptions and came across this decision.

-----Original Message-----
From: CLBS [mailto:clbs-bounces at admws.idaho.gov] On Behalf Of Laura Burri
Sent: Monday, February 24, 2014 4:05 PM
To: clbs at admws.idaho.gov
Subject: [CLBS] Life Estate and Homestead



I have a client with a life estate in a residence. A third party has title and he has a life estate as listed on the deed to the third party. He currently resides in the residence. He has one judgment recorded as a lien and expects more to come. He is otherwise judgment proof. There is equity in the property and it is worth less than $100,000.  

Has anyone successfully claimed a homestead exemption in a life estate?
Should it be recorded as opposed to assuming it is automatic? Can the debtor also set aside the judgment lien as impairing his homestead under 522(f)?
Would the judgment lien show up if the property is sold since the debtor does not have title but only a life estate?

Appreciate any thoughts any of you may have. Laura

Laura E. Burri
Attorney at Law
Ringert Law Chartered
455 S 3rd Street
Boise, ID 83702
Phone 208-342-4591
Fax 208-342-4657





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