How can I transfer my deed to my daughter, but provides a life tenancy for my live-in boyfriend, and how much should it cost?

I want to transfer the deed to my primary residence to my daughter (one of 2, but the 2nd daughter has financial issues and is ok with being excluded). But I need to be certain that my live-in boyfriend, of 12 years, maintains the right to live in it until he passes, or decides to vacate of his own volition. This right must also state that his right is exclusive, meaning that my daughter couldn't move in or attempt to rent out any portion of the house as long as he's still residing there. I'd also like to know what my cost would be to have it done. Thank you.

Clifton, NJ -

Attorney Answers (1)

William C. Mack

William C. Mack

Real Estate Attorney - Lake Hopatcong, NJ
Answered

This can be done in a fairly straightforward way by granting a life estate to your boyfriend and giving title to your daughter for all time after your boyfriend dies or vacates the home (this last point will have to be carefully defined so that he does not lose the house if, for example, he is away for an extended period but not permanently).

Please consult an attorney directly before taking action. This answer is intended for general information only and should not be taken as legal advice. My communication with you is not privileged and is not within, or intended to create, an attorney-client relationship. Pursuant to Circular 230 of the Department of Treasury: (1) no written statement to be provided by me relating to any Federal tax transaction or matter is intended to be used, and no such statement can be used, for the purpose of avoiding penalties that may be imposed on the taxpayer, and (2) such written statement may not be used by any person to support the promotion or marketing of or to recommend any Federal tax transaction or matter.

Please consult an attorney directly before taking action. This answer is intended for general information only... more

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