Monday, September 13, 2010

Moving in with a Grandma

How would you like to move in with a grandma?  Here's the catch: she's not your grandma.

The Wall Street Journal reported on a strange bankruptcy in Long Island.  The 81-year-old widow who owned the house in question transferred it to her two children, reserving a life estate for herself.  Her son declared bankruptcy, and now his half interest in the home is on the auction block.  The buyer, however, will have to abide by the original terms of the transfer, meaning Grandma can continue living in the house alone until her death.  Then it will be up to the buyer and Grandma's daughter to sort out who gets what.  According to the son's bankruptcy attorney, "Whoever buys this, buys a lawsuit."

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