Legal Question in Wills and Trusts in New York

My husband and I jointly own 3 rental properties (2 of which were purchased before our marriage and he added my name to the deeds which read "husband and wife"). He has a will that leaves me everything but his 2 sons from his prior marriage have been vowing to get his share of properties after his death. My husband has asked me to transfer all the properties to my name alone. Will this solve the problem once and for all? What are the tax implications? Will I have to pay any transfer taxes? Is this the best way to resolve the issue? Please let me know. We live in New York and I have no children of my own..


Asked on 7/13/10, 1:26 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

No, and may even make the problem bigger. This is always a problem in second marriages, where there are children from the first marriage. What provision is made as to where the property goes if you survive and then die? What is your (H & W) relationship with his children?Do you have children together? Do you have children that are not his?You face, even if unrealistic, a charge of undue influence. and who knows what a Court will decide when the issue is raised. I suggest an alternative estate plan, probably including a trust, where the property remains in your control and for your benefit as long as you live, and after your death his children get it or share them with other children. Contact me directly if you would like to discuss this concept or other alternatives.

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Answered on 7/14/10, 9:58 am


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