Legal Question in Real Estate Law in New York
names listed on deed to a home
Is there a way that an elderly homeowner can have their name removed form a property that is owned jointly with 2 other owners? Is there a way to have them listed as a ''tenent'' which will not allow the home to be sold without their signature, but the property cannot be considered their asset?
1 Answer from Attorneys
Re: names listed on deed to a home
Yes. You are referreing to a "life estate" or "life tenancy" in the property.
All of the current owners would need to sign a new deed granting a life estate for the eldery homeowner. That person would then be able to live in the house rent free for the remainder of his/her life. The life estate is considered an asset for Medicaid purposes but is valued at much less than an ownership interest.
You may contact me directly at anytime to further discuss this matter and obtain a complimentary consultation. Thank you.
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