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

New York, NY |
Filed under: Deed to property

Will this change in the deed preserve their STAR Exemption?

Attorney Answers 4


  1. 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.

    (1) I may be guessing. Do not act or rely upon this info; (2) We have not established an attorney-client relationship; and (3) If you insist I tell you something upon which you can actually rely: don't eat yellow snow.


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


  3. 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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  4. 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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