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My mother deeded her three family house over to my brother and myself
in 1995 while reserving for her a Life Estate. She has not lived in
the house for the last 10 years and has managed the house for the past
20 years. She is 82 and now doesn't want to manage it anymore. Since
the house is quite a distance from both me and my brother we are
considering exchanging the house via "Like Kind Exchange" (1031). We
would like to keep the same arangement i.e. me and my brother as
tenants-in-common and my mother retaining a Life Estate. Can this be
done? Would it still have the asset protection from Medicaid without
the 3 year lookback? Upon the death of our mother would we obtain the
house with the stepped up basis?
Many thanks,
Marty
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