Legal Question in Wills and Trusts in Maryland

My 80 year old father is a widower. I am the oldest of his three daughters: 51 years old, married with a son entering college and a 14 year old; sister is 49, single mother with a 14 year old; sister is 46 and single. He is currently making out a will on his own. He wants his two pieces of property to pass seemlessly to us and wants to put one of our names as a co-owner of: a house in Michigan with small mortgage left and a renter who covers mortgage and taxes with rent; condo in South Carolina where he lives, paid for with small monthly condo fee. My 49 year old sister and I are worried about how being a co-owner of property would affect the FAFSA (free application for federal student aid) form that I fill out and she will in a few years. My son receives a small amount of federal student aid. My sister will get no help from her ex-husband for her son's college. Would this be better for our single sister to do?

Asked on 7/08/11, 1:46 pm

Paula McGill Attorney at Law

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If he transferred the property to you and retained a life estate, you wouldn''t have full ornwership interest in the property until he died.

Before the transfer, check with the agency who handles FAFSA.

Check iwth attorneys in real estate and trust and estates attorneys in South Carolina and Michigan to discuss those states laws.

MARYLAND OFFICES IN BALTIMORE AND BETHESDA.

Answered on 7/08/11, 9:03 pm

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