New York | Elder Law
Legal Question
may a life tenant move to another home without losing the life estate?
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Legal Answer
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Read More Answered By: Carol Ryder |
I am conditionally stating no because I d/h the papers. Generally, a person with a life estate has a property interest in the fee (legal term) for his/her life. He/she can move and even rent out her/his interest in the fee (i.e. if she has the right to live in the main house but not cottage behind it, she can rent the house only). Life estates are used quite a bit for various reasons but just make sure it is done right because doing it incorrectly may cause not just a heap of trouble, the person getting kicked out, but hundreds of thousands of dollars (even millions) in taxes, fees, lost nursing home coverage, etc. This firm has been operating for 50 years and busy with cases like this so we know what we are doing but be careful with others. |
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