Legal Question in Real Estate Law in New York
The following statement is on the deed. "to have and to hold the premises herin granted unto the parties of the second part their heirs and assigns forever" I'm in the process of setting up a medicaid trust for my mother. My father passed away and myself and brothers are the heirs. What is the ownership percentage of the house between my mother and heirs? does the medcaid trust get all the sales proceeds?
1 Answer from Attorneys
Your question leaves out a couple of important details. Who are the original owners on the deed? If it is your father and your mother as husband and wife (i.e. tenants by the entirety), then your mother is now a 100% owner of the property and you and your brothers are not yet owners. If you are setting up a trust, your mother would have to deed the property to a trustee designated in the trust document.
Also, did your father have a will? If your mother was not on the original deed and your father did not have a will, then, as a spouse, she is entitled to an elective share of 1/3 with the other 2/3 are divided evenly (per stirpes) between all of the children. Your mother may renounce her elective share.
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