Cohousing-L Mailing List: Request input re: residence/transfer of ownership from our Legal Committee

[Ruth J Hirsch (heidinys]

Here's the question the Legal Committee would like to ask of other cohousing 
communities:

Membership in our homeowner’s association is currently limited to the owners 
(natural persons) of the houses. 
 
Some members are interested in transferring  their houses to their children as 
an estate planning technique. This would be done by either 
 (1)  selling/giving the house to a child outright and remaining in the house 
with the child’s permission, 
or 
(2) selling/giving the house to the child but retaining a life estate in the 
house, meaning the parent would have a recordable property interest in living 
in the house for life. 

In either scenario, under our current bylaws, the child would be the owner and 
therefore be the member.  
We’re considering amending our bylaws and would like to know what other 
communities allow. 

Is this form of ownership permitted by your cohousing community? 

If someone other than the resident owns the house, can the resident be a member 
instead of the owner? 

Have you investigated estate planning methods for transferring your houses, and 
if so, what do you see as pros and cons? (Note: Several members have 
transferred their houses to a living trust, and we haven't objected because the 
member is the trustee of their trust, so ownership hasn't yet transferred to a 
child or other person.)

Thanks,

Julie, Legal Committee
Cantines Island,  a Family Friendly Community
Saugerties

Where we have a family sized house available.  Please let others who might be 
interested in a wonderful, beautiful, family friendly community in the 
beautiful Hudson Valley know about this.
thank you  


PS:  I have an intermittent e-mail glitch.  If you write and do not hear back 
from me shortly, please call me or please re-send.  Thank you,  Ruth






PS:  I have an intermittent e-mail glitch.  If you write and do not hear back 
from me shortly, please call me or please re-send.  Thank you,  Ruth