My aunt has a life estate in her former summer home. She is now in a assisted living facility and does not use the home. What are her responsibilities regarding taxes, maintenance etc. ?
Answer
This is only part of the questions that have to be dealt with. First, to answer your question, whether she should pay the taxes, etc. will depend on a couple of things. It is pretty clear that she because she is in an assisted living facility, she will NEVER go to the summer home again unless she has a lot of physical assistance from other people to help her. Who owns the property with her? And now the other questions: how is she going to be able to pay for the assisted care facility? will her money run out? Does she need to give a power-of-attorney to someone to help her deal with her finances, and keep track of the bills and write checks?
Talk to a lawyer near you, get some advice.
No comments:
Post a Comment