Legal Question in Real Estate Law in Massachusetts
My husband & I own a townhouse and are considering giving the property to my daughter and having a life estate. My husband is a member of the Condo Association board and the by-laws require all Board members be home owners. Is he still considered an owner with the Life Estate?
3 Answers from Attorneys
Yes so long as he is alive he is still an owner. His interest is less than 100% but he would still qualify.
I agree with Nicole. You would still have an ownership interest in the property. Most likely, that provision is meant to bar non-owner renters.
Yes as long as he is still alive and retains his life estate he is an owner. Make sure in making the gift you have planned for the potential impact on Elder Care through Medicaid as well as any estate and gift tax implications.
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