Lifetime Lease
Parents signed over home they have owned for over 50 years to children about 5 years ago and have lifetime lease. Can the lease be undone? The parents are in their 80s and want to sell house and downsize. Wouldn't it be better if parents owned the house?
2 Answers from Attorneys
Re: Lifetime Lease
I am assuming the property is in NY. You are likely talking about a deed in which a life estate was reserved for the parents. It was probably done for Medicaid planning purposes. I would almost unequivocally say that no, it would not be better to have the house in the parents' names. If the parents was to sell the house, the kids would have to agree. It legally belongs to them. All that being said, the subject requires much more info in order to be completely sure of the facts.
Re: Lifetime Lease
It is probable that this was the result of estate planning; by living on a lease, and conveying to their children, the parents have spent down their assets, a precurser to obtaining government benefits.
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