Q: What is a low cost way to set up a private escrow account for NYS property taxes? Or is there a better solution?
I own a house free and clear that my dad and his girlfriend live in. Our agreement is that they keep the taxes current via a monthly payment to me since they are on a fixed income. The girlfriend has set up a savings account in her name to make the monthly deposits, but obviously that doesn't protect me at all as I can't even access it. What is the easiest way to manage this? They don't seem to trust me not to borrow against it and I know too well the ramifications having it in her name only. Can it be set up to only be payable to the county? Thanks in advance!
A: Create a formal escrow agreement and appoint an independent escrow agent is really the best solution given these circumstances in my opinion. Perhaps you can contact a trust company to see if they can assist as well, most attorneys are able to do this, but they will charge a fee.
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