Life estates how do they work?

[Rich Hupper]

I do not have much experience with life estates. Would it be possible for a homeowner to give me a life estate remainder interest in their property for some sort of valuable consideration? Is consideration even needed? Would this function like a traditional sale?

I come across many properties where the owners would like to stay in their homes until end of life. This is great however then the property needs to go through probate in order to be disposed of.