Keep Your Property in the Family and Avoid Probate!
File a Remainderman Deed!
Parents and Grown Children. When parents file a remainderman deed, the house belongs
to the children, and the parents (the life tenants) live in the house until they move or pass away. When the parents move or pass away, the children will avoid probate and/or tax consequences because the children already own the house.
Second Marriage. When a re-married father files a remainderman deed, the house belongs to the father's children and the father and second wife (the life tenants) live in the house until they move or pass away. When they move or pass, the house stays in the family and avoids probate and/or tax consequences. (This virtually eliminates the claim to the property by the second wife's family.)
A life tenant will continue to enjoy enhanced NYS Star.
Given the fact the median price of a residential property in New York is higher than many parts of the country, buying and selling a home is likely the single largest financial transaction you will undertake in their lifetime. With so much at stake, having the advice and counsel of our experienced real estate attorneys is invaluable.
For twenty years, Scova Klug Law has worked with
clients, both buyers and sellers, on a wide range of real
estate transactions from standard purchase and sale
transactions to foreclosures, short-sales and inter-family
Sarah's areas of experience include:
* Purchase & Sale of Real Estate
* Single or Multi-family houses
* Short Sales
* Deed in Lieu
* Deeds Re-filings
* Remainderman Deeds
* Inter-family Transactions
* Death of Spouse
An example of some services provided include....
Preparing and/or reviewing all the necessary legal
and closing documents, including Purchase and Sale
Agreements, deeds and loan agreements
Arranging for title inspection and obtaining finalized
Title Insurance policies.
Clearing title issues, negotiate credits and repairs
Preparing the closing statement package, which
includes a breakdown of all funds that have been
exchanged, tax forms, and other closing documents.