Legal Question in Real Estate Law in New York
Buying property for a son who suffers from manic depression.
Son is on SSI and is manic depressive. If I buy property with trailer under my name and let him live there and if he gets into any kind of trouble or causes any problems what are the consequences to me if any?
Asked on 4/30/01, 9:57 pm
1 Answer from Attorneys
Re: Buying property for a son who suffers from manic depression.
You would be potentially liable as a
property owner for slip and falls,
fire damage, etc. This would be
personal under the arrangement you
state
The better arrangement would be to have
a different entity (a corporation, an LLC
a spendthrift trust, etc) own the property
to eliminate this exposure.
You may call 1-716-235-2560 to further discuss.
Answered on 6/18/01, 7:10 pm
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