Re: Real Estate Gifts?
From: Patricia Lautner (lautnerpgmail.com)
Date: Tue, 30 Mar 2021 18:51:24 -0700 (PDT)
I'm on the Board at JPCohousing in Boston, MA (JPC).  We have been talking
about 'resale culture' here at JPC, and the idea of estate planning is part
of that.  I spoke with an estate planning lawyer who gave me the following
information:

   - Option 1: A conveyance of the unit to a realty trust, in which the
   donor is the trustee, and also the beneficiary for life.  The remainder of
   the property goes to JPC upon their death.  This would ensure the gift
   would occur seamlessly, without probate.  (My dad had this, also called a
   "Life's Estate")
   - Option 2: Donor could consider making the gift to an irrevocable
   trust, which, if they were to later need long-term nursing-home care in the
   future, the unit could not be counted as their asset, and would be
   protected, for Medicaid eligibility purposes, as long as five years had
   passed from when the transfer into the irrevocable trust had occurred


Our Board is considering that, if a member wanted to set up their estate so
that the unit goes to JPC, then the community could offer to pay the legal
fees to set this up.  The member however would have complete privacy and
work directly with the lawyer.

Patti

On Mon, Mar 29, 2021 at 2:06 PM Sharon Villines via Cohousing-L <
cohousing-l [at] cohousing.org> wrote:

> > On Mar 29, 2021, at 1:51 PM, Lyn Deardorff <lynpeachtree [at] outlook.com>
> wrote:
>
> >  It appears one of our current residents is considering such a move to
> donate his unit to us and is working with his lawyer to include it in his
> estate planning.
>
> What a wonderful gift! I have no information or experience but obviously
> consult a lawyer. The Association (or whatever legal designation you have)
> would own the property. Our legal documents do have general provisions for
> selling the common areas that are owned by all of us in percentages.
>
> One use is by the community at large, not rented to a household that
> couldn’t otherwise afford to live there. Or rented on a short term basis to
> people wanting to experience cohousing. DC has lots of people in town from
> all over the world who have 6-12 month fellowships or research grants, some
> 24 months, who need places to rent and welcome the community setting.
>
> Sharon
> ----
> Sharon Villines
> Takoma Village Cohousing, Washington DC
> http://www.takomavillage.org
>
>
>
>
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