Legal Question in Wills and Trusts in New York
how can you file a new deed on a home that's paid off and add someone else to th
the person who owns the house is a senior and in nassau county, ny there is a school tax break for seniors so if we did a joint tenancy we would lose the tax cut. i heard of something called paid on death or transfer on death and i was wondering if you can do that on real estate as well? would that still avoid probate? would it affect the tax break? does ny even have such a thing? thank you.
1 Answer from Attorneys
Re: how can you file a new deed on a home that's paid off and add someone else t
The homeowner could transfer the house to someone and retain a life estate for him or herself. The life estate that is retained gives the homeowner the exclusive right to live in the house during his or her lifetime and immediately upon death, the other person is the sole owner of the home. This property, once set up in this matter, would avoid the probate process upon the death of the homeowner. Also the STAR exemption would be retained as long as the homeowner otherwise continues to qualify.
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