This is a question regarding the exchange of Life Estates to parents from adult children.

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If it is agreeable to a parent and an adult child, is it ever acceptable for a parent (while the parent is living) to pass on real estate to an adult child or adult children in exchange for a guarranteed life estate where the parent may live in his or her home residence for as long as the parent wishes (but the maintenance and upkeep and property taxes are paid by the adult child who receives the real estate as an early disbursement of a parent's last will and testament). Is this acceptable to disburse of personal property at a parent's own wishes while they are still living to ensure that the parent's wishes are adhered to in the event that a medical condition developed by the parent may raise a question as to a (parent) person's sound mind (such as in dementia or alzheimer's disease) as whether a person's final will and testament will be contested and not respected if a last will and testament is interpreted by the Probate Court of a person's place of residence?

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