AboutJonathan Dever, Esq Expertise Real Estate Law, Buying Selling, Investor, all types of acquiring property through "creative techniques" and fraud avoidance
Experience Super Lawyer by Law and Politics for the last three years, part of over 900 transactions in the last 6 years
Organizations Ohio Bar Assn
Greene County Bar Assn
Champaign County Bar Assn
Publications Personal web site and web articles
Education/Credentials JD - Capital University
MA - IU of Penn
BA - U of Cincinnati
Awards and Honors Super Lawyer 2005, 2006, 2007
Who is Who, Lawyers 2006, 2007
Question Bought my co-op as an insider in '90. I put it in my son's. name. It is and has been is alone for 18 years. I live in it, he is married and lives elsewhere. It's his in name only but he knows it's mine. I'm fine with that. Problem: He has proven to have no respect for money and spends it at an inconceivably fast rate. I am 70 he is 50. I want my grandchildren (his children) to have the co-op. I spoke w/ the Board and 'no-go.' One child 17 other 18...students = no income. Can't be on deed. I have no income so Board won't allow deed in my name either. The deed (shares) have to remain in my son's name. I was thinking of having the children file a lien on the co-op apt. I want them to have it now, not waiting for my son's death...so a WILL is not the way to go. I want them to have it to prevent my son from selling it after I'm gone. I want the children to always be able to rent it so they have an income. My son has no objection to this. He knows he squanders money. How can we make sure the co-op is the kid's? Remember, they can't be on the deed. There is NO money owed on the apartment. We paid cash for it. What is a UCC-1? What is a lien? If you can point me in the right direction with this it would be so very much appreciated. I'm on a fixed income and would like to do this without a lawyer (sorry..).
Thank you so much in advance. PS/ I need to do this in a way where the Board is NOT involved. Residency of the apartment will not change. I will continue to reside alone in the apartment. Thank you, thank you and thank you.
Answer The right direction is a lawyer. You can always afford that which you need with a little planning. :) To advise on an asset plan/estate plan via the internet is tantamount to malpractice and will not help you. I would need to spend a few hours interviewing you, drafting documents, etc. Go talk to legal aid and see if they can help. Otherwise call a local lawyer, get on a payment plan and do it right. Good luck.
