Brooklyn, NY asked in Bankruptcy for New York

Q: in ny state if i give my house to my step member and have life time living do i still own the home

Related Topics:
2 Lawyer Answers
Michael David Siegel
Michael David Siegel
Answered
  • Bankruptcy Lawyer
  • New York, NY
  • Licensed in New York

A: If you did the deed right you have a life estate.

John Peter Brooke
John Peter Brooke
Answered
  • Bankruptcy Lawyer
  • Bay Shore, NY
  • Licensed in New York

A: I agree with the previous answer that you have a life estate and the remainder interest passes to the step member (?) after you pass. Your life estate has value and you should speak to a lawyer before you transfer real estate out of your name if you are contemplating filing for bankruptcy. If you did that the trustee could sue the family member to try to convert the property back into your name as a fraudulent transfer.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.