Ways to Show that you Love your Family
A few years ago, my husband and I sat down with all of our children and their spouses for a family meeting. I started with, “Our plan is to live forever. But just in case ………” and we proceeded to tell them about our new estate plan, who would have which responsibility, where important data is kept, who takes care of...
Recorded Life Estate given priority over later-recorded mortgage
Here’s a situation that came up after parents transferred their home to their daughter and reserved a life estate. The value of the life estate vis-à-vis the whole property is a pro rata percentage based on the age of the life estate holder at the time of the transaction in question. The case is called Ocwen Loan Services, LLC vs. Quinn.
The transfer took place in 2004. A year later, the...