Legal Question in Elder Law in New York

we are NY residents, purchased a property 12 yr ago (appraised at $350,000) for investment. Our son has lived in the residence and made the mortgage payments & taxes for the past 7 years. We would like to make him the owner now, rather than life estate, and let him finish paying the $100,000 balance. What options and considerations would you suggest?

Asked on 4/09/22, 12:23 am

1 Answer from Attorneys

Richard Bryan Richard Bryan Attorney PC

This is a great question but more complicated than can be answered by email because there are so many items to be considered and various ways the transaction can be structured.

Good luck.

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Answered on 4/09/22, 11:34 am

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