My New York attorney wants to change my parents deed so they have a Life Estate and I have the remainder interest.

Will this change in the deed preserve their STAR Exemption?

New York, NY -

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Attorney Answers (4)

Richard J. Chertock

Richard J. Chertock

Real Estate Attorney - Melville, NY
Answered

It won't have any effect on the star exemption or any other exemption they have. It will take the house out of their estate and allow them to live their the rest of their lives while still benefitting from any tax exemptions.

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Peter J Weinman

Peter J Weinman

Real Estate Attorney - Staten Island, NY
Answered

Once you are the title owner, you will need to apply for your own STAR exemption. If there are other exemptions (senior, veteran) to which you are not entitled, you need to inform the Dept of Finance to "restore" the taxes accordingly.

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Matthew Scott Kam Tannenbaum

Matthew Scott Kam Tannenbaum

Real Estate Attorney - Garden City, NY
Answered

It will not effect the STAR or any othere xemptions they are entitled to. It will ease any ownership issues regarding the property after your parents pass away.

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Valerie Ann Shivers

Valerie Ann Shivers

Real Estate Attorney - Garden City, NY
Answered

The life tenant is responsible to maintain the taxes and therefore maintains any tax exemptions he or she is currently recieving or entitled to.

Related Topics

Deed to property

A deed is a written document describing a piece of real estate and documenting the transfer of ownership from one person (the grantor) to another (grantee).

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