My question involves estate planning in the state of: New York
I purchased my mother's house back in 2006 for FMV but she retained a life estate in the property. This was done becasue her lawyer insisted. I still don;t understand why. Regardless, I pay all taxes, mortgage, upkeep, utilities, etc etc.
I want to refinnance the home but am being told that they will not do it since there is a life estate on the title. Can we remove the life estate without consequence? No taxes or anything extra? This was not a gift to begin with so I am hoping that there will be no fees associated with it.
Any help or advice would help.