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Elderly dad deeded property to son in return for lifelong housing and income from the property. Son is now withholding income.
New York
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Posted about 1 month ago in Estate Planning
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The lifetime housing promise was within the Deed executed around 2002 which the Dad has now requested a copy of.
The income may have been a verbal agreement based upon continuation of the established arrangement. For 40 odd years (until recently) that the Dad was collecting the rents, he took his income share every month. Now that the son has begun collecting the rents, the Dad's agreed-to income share of $1,500 per month is being shorted. We fear it may get worse once the son moves into the building and a mgmt. role. Without the supplemental income, the Dad will have income of only $2,000 a month from his work and SS pension. The son is financially well-off. Does the Dad have any legal recourse against his son's actions? Asking hasn't worked. - Is this your question? Add additional information Answers (1)
Edward Joseph Smeltzer II
This attorney is licensed in New York and 2 other states.
Posted about 1 month ago.
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Dad's rights will be based on the exact language of the deed and any other written agreements regarding the property, if any. Once he has copies of all such documents he should consult with a local attorney who can review everything carefully and counsel him on his rights and the best way to enforce them.
Very truly yours, Ed Smeltzer NOTE: This answer was prepared for educational purposes only. By using this site you understand and agree that there is no attorney client relationship or confidentiality between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction and with whom you have an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question or omitted from the question. |
