Real Estate Law
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Hello. Generally, either you or the trustee own the condominium unit, not both. So, technically, if you own it, then you would be the owner of the unit. if the trustees own it, they would be the owner of the unit. In the irrevocable income only trust, the purpose is to take the assets out of the name of the grantor so creditors, like Medicaid, cannot claim the assets as your own, yet allow some control but not enough control to make the assets as part of your estate. The trust owns the assets, therefore, they are not to be counted as assets of you. Consequently, to argue that you can be a Board Member because you own the real estate in fee simple absolute can come back to haunt you if a creditor makes a claim against you attempting to attach the reals estate. They bylaws could be amended to include trust grantor and life estate holders. If so, it would behoove you to make sure there is no grey area that you are the owner of the unit.