Waldwick, NJ asked in Estate Planning for New Jersey

Q: Am I still owner of my condo if I have a life estate

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2 Lawyer Answers
James K. Riley
James K. Riley
Answered
  • Estate Planning Lawyer
  • Pearl River, NY
  • Licensed in New Jersey

A: Normally if you retained a life estate to yourself when you transferred a condominium or other reals estate by deed or into a trust, you own that property for as long as you are alive--this is the meaning of a life estate. For most of us, owning a property as a life estate for the rest of our life is about as much as we can possibly own under any circumstances--no one should be able to toss you out of those premises but you still have to pay all the real estate taxes and expenses as long as you are alive and occupying those premises.

Jake Causing Santos
Jake Causing Santos
Answered
  • Estate Planning Lawyer
  • Mount Olive, NJ
  • Licensed in New Jersey

A: As a life estate holder you are generally considered the owner during your lifetime. However, if there are any property tax breaks available to the owners of condos, you may want to have your situation evaluated to confirm that you are still eligible for the tax breaks as a life estate holder.

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