Need help with my Business Law question – I’m studying for my class.
Noah has a wife, Naomi, and 3 children, Jake, Kate, and Mike. He has very little money, but he owns (in his own name) a house that’s worth over $500,000. The house is located at 89 Oak Street, Freeville, New Winsdor 77777.
He is concerned about several things:
1) He wants to remove the house from his name so that it won’t be vulnerable to creditors and because he wants to be eligible for government assistance (such as Medicaid) if he ever needs it.
2) No matter what he does with the property now, he wants Naomi to be able to live in the house for the rest of her life.
3) After his and Naomi’s death, he wants the property to be split among his children. He also wants the children to be able to whatever they want with their individual shares (e.g., to pass it to their children upon their deaths, etc.).
Noah comes to you and asks what he should do. Please do the following for Noah:
a) Tell him how he should convey his property. What interests should he give to whom? What kind of remainder interests and tenancies should he give to the children, etc.? Also, what kind of deed should be used to effect this conveyance?
b) Please draft a deed to transfer Noah’s property in the manner you suggested in part (a) of your answer.