Caldwell Banker LaBarca is currently listing for sale a three family home in Brooklyn that comes with life tenants. Currently, Helena Pavlich, 59, and her son Michael, 33, have a life estate in the home, given to them in the will of Helena’s mother. They are only responsible for their utility bills. The remainder interest in the property is owned by Helena’ sister who has listed the property for an asking price of $799,000. The price is negotiable, and those interested in making an offer should consult IRS actuarial tables, which list the life expectancy of a 33 year-old at 50 years.
See Michael Wilson, 3-Family Home for Sale (One Family Included), NY Times, March 12, 2010.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this to my attention.
