Legal Question in Wills and Trusts in New York

Lifetime use

My Dad holds shares in a LLC formed by him, a son and daughter. Once the LLC was formed, my parents were given lifetime use (not in writing) of the house owned by the LLC.

What responsibilities do my parents have for upkeep etc., and what are the responsibilities of the LLC?


Asked on 9/04/03, 9:06 am

1 Answer from Attorneys
Norman Nadel Norman Nadel, Esq.

Re: Lifetime use

Itis all up to the parties involved. I have no idea why the LLC was formed or the purpose of the unwritten agreement regarding the house.

All of the rights and obligations of the LLC and your parents should be spelled out in writing.

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Answered on 9/04/03, 10:12 am


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