Legal Question in Real Estate Law in New York

My wife and I along with my in-laws own a vacation second home.

House is located in NY State.

Property is owned as tenants-in-common between the couples. The

purchase and all costs are divided evenly between the couples.

We have owned the property for about 30 years. Upon the death of

one of the in-laws (now both in their 80's) the surviving spouse

does not want the expense or hassle of maintaining a second home.

What would be the easiest, most cost effective and tax effective

way to transfer ownership to the remaining couple so that the

surviving spouse could pull his/her equity from the house?

Purchase price was 205K, current value about 460k.

Asked on 7/13/17, 8:53 am

1 Answer from Attorneys

Richard Bryan Richard Bryan Attorney PC

That's a really great set of facts and a great question. I can't think of a solution off the top of my head. Perhaps someone else can, otherwise you're going to have to pay someone to research the answer for you. Good luck.

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Answered on 7/13/17, 6:40 pm

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