AboutAlexander J. Hay Expertise I can answer questions on trusts, wills, and specifically the use of Offshore Trusts and Companies in combination with Domestic entities to help with estate planning, tax minimization and asset protection.
Experience I am a U.S. attorney with offices in the United States and Belize. I have experience helping to protect assets, reduce taxes, and improve investment performance by utilizing global investment techniques.
Education/Credentials Harvard University, A.B. degree; University of Houston Law Center, J.D. Degree; Fulbright Scholar
Expert: Alexander J. Hay Date: 5/13/2008 Subject: Life Estate and Remainderman
Question My wife is the named Remainderman on a condominium in Florida (a homestead state). The life estate holder has elected to stop paying the condo association fees and property taxes. The condo association has a reputation for swift retribution in failure to pay cases and has the legal right and will to foreclose within 120 days. They have already sent a letter stating that intention. Options we see include doing nothing,in effect calling the life estate holder's "bluff." We could hire an attorney in FL to file a claim of waste, or we could pay the taxes and fees and accept it as a cost of doing business for the remainder of the life estate holder's life (currently 83 years old). Are we missing anything? Our goal is to close this out as quickly as possible with minimal aggravation and without hurting the life estate holder, but without any more cost to us than necessary. Thank you in advance for your time.
Answer I think you have evaluated everything. The only real option left is to allow the association to foreclose and then try to buy it at foreclosure sale, but I really doubt you are going to get it for cheaper than just paying the association. And then even if you do get the condo, are you going to boot the 83 year old out of the condo? You would be taking a huge risk for no benefit. I think you either pay the fees and accept it as a cost of getting the property eventually, or you let the property be foreclosed upon with the understanding that you are losing the property.
