iamhannibal
Junior Member
What is the name of your state?What is the name of your state? NY
What defines who can be offered a life estate? Can a child purchase a house and give life estate status to his parents?
What protections are then given to the child if the parent becomes delinquent in payments--can the life estate house then have a lien placed against it?
Finally, Is it better, for star exemption purposes, to place both child and parent on deed with legal papers drawn up stipulating that parent has "life estate status" and that child may not sell, rent or otherwise take any action on the house until parents die, move out or as life is continuing, find themselves in an assisted living situation of a nursing home?
Can side agreements, legally drawn and signed, change the parameters of the Life Estate d ocument?
What defines who can be offered a life estate? Can a child purchase a house and give life estate status to his parents?
What protections are then given to the child if the parent becomes delinquent in payments--can the life estate house then have a lien placed against it?
Finally, Is it better, for star exemption purposes, to place both child and parent on deed with legal papers drawn up stipulating that parent has "life estate status" and that child may not sell, rent or otherwise take any action on the house until parents die, move out or as life is continuing, find themselves in an assisted living situation of a nursing home?
Can side agreements, legally drawn and signed, change the parameters of the Life Estate d ocument?
