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Wills, Trusts, and Estates
Question from Learner123Nov-7

Hello:

I would appreciate an answer to the following question:

I am the sole owner of my apartment. According to New York State law, can I, in my will, give it to my wife for her life and to my son after her death? Alternatively, can I give it as a joint property of my wife and my son? The idea is to make my son the ultimate owner of the apartment without depriving my wife of it while she is alive.

Thank you very much.

 

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knort4 Nov-8 85249.2
Yes, and what you want is called a life estate.  Any probate attorney can help you with this.
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Tax_Counsel Nov-8 85249.3
There are several ways to do it, each with different mechanics, costs, and tax results. See an estate planning attorney for advice for which one is best for you.
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pg1067 Nov-9 85249.4

The answer to both questions is yes, although conveying it to them jointly might not accomplish the result you're seeking.  Consult with a local estate planning attorney about the various ways you can accomplish the result you're seeking.

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