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I have a question regarding an ownership contract and making…

Hi, I have a...

Hi, I have a question regarding an ownership contract and making changes to it.

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

NYC

Lawyer's Assistant: What steps have you taken so far?

Nothing, my ex-husband is in the hospital and has asked me to take care of his concerns

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

The business is in Oswego NY. There is a partner on the contract. My Ex wants to put my 19 yr. old son's name as the owner or in trust untill he passes away/

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Answered in 1 minute by:
7/11/2018
Olivia Kent
Olivia Kent, Attorney
Category: Legal
Satisfied Customers: 4,718
Experience: Partner at Kent Law Group, LLC
Verified

Hello and welcome to JustAnswer. My name is ***** ***** I'm an attorney. Please note this site is for general information for educational purposes only and does not constitute legal advice. Communicating with an expert on this site does not establish an attorney-client relationship. You might be offered a phone call, but you are under no obligation to accept; the phone call requests don’t come from me - they’re offered by the site - but if you do want a phone call I’d be happy to do that.
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What can I answer for you today? I see what you've written but I don't see a question listed.

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Customer reply replied 1 month ago
Hi, Can my ex-husband be removed from the original contract with his partner, and be replaced by my 19 yr old son?
Customer reply replied 1 month ago
Can the ownership be in a trust for him until after his fathers demise?

A contract is an agreement between two (or more) parties. In order to modify that agreement ALL the parties to that agreement must agree to that modification - UNLESS there's something in the contract that states otherwise. So the first place to look would be the contract. If it doesn't indicate that it's transferable then in general, one person cannot transfer their interest to someone else without the consent of all parties. With respect to the trust question, again, if ALL parties agree to have the interest of someone put in trust then that would be something that could be written up in a subsequent agreement. Please let me know if that answers your question - and please ask if you have any additional questions; I'd be happy to answer them. If you don't need any additional information, if you wouldn't mind could you please take a moment to submit a rating. It DOES NOT cost you anything extra and it allows me to get credit for helping you; a bonus is always appreciated but by no means required. Sometimes people aren't aware that experts don't get any credit from the website for the time and effort that we spend on our answers unless you rate it positively - and we get instantaneous notification of customer ratings, i.e. who gave what. 5 STARS is always nice :) You can still ask follow up questions after rating - and of course please ask if you need clarification to anything I've written. There may be some lag in my response time if you follow up with additional questions. It just means I'm working with someone else but I will ALWAYS come back an answer your questions when I'm done.

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Reminder: This site is general information for educational purposes only. No course of action is proposed and the information provided does not constitute legal advice.

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Customer reply replied 1 month ago
My ex-needs to get his own name off the original deed immediately, he is being sued.
Customer reply replied 1 month ago
Is your specialty contracts, realestate and such?
Customer reply replied 1 month ago
My ex- is hard to understand but I believe if this is your specialty he may have more questions. For example, How to get his name off? both parties agree.

The only way to get a name off a deed is for someone to transfer their interest to someone else - and for all parties to agree UNLESS in the contract a person can unilaterally transfer their interest. Do you have a copy of the contract?

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Customer reply replied 1 month ago
Is it a new contract or an addendum?
Customer reply replied 1 month ago
Noone can unilatterally do it.
Customer reply replied 1 month ago
Will putting my son in a trust effect his medicaid status?
Customer reply replied 1 month ago
no copy
Customer reply replied 1 month ago
my husband says he can transfer the shares.

Bear with me just a sec

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Will putting my son in a trust effect his medicaid status? <-- this is a question that I honestly cannot answer so I will opt out in favor of one of our medicaid experts. Good luck to you!

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Customer reply replied 1 month ago
The profit from the building in question is 2500 per month split by two. $1350 The money goes right back into the building to pay a 50K mortgage. My son is getting Medicaid benefits and is in college. Would doing this cause his medicaid to be lost?
Customer reply replied 1 month ago
Thank you Olivia.
Asad Rahman
Asad Rahman, Lawyer
Category: Legal
Satisfied Customers: 2,556
Experience: Practicing Attorney with 10 years experience
Verified

Yes, if he receives this income, that could affect his medicaid eligibility.

Asad Rahman
Asad Rahman, Lawyer
Category: Legal
Satisfied Customers: 2,556
Experience: Practicing Attorney with 10 years experience
Verified
Asad Rahman and 87 other Legal Specialists are ready to help you
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Customer reply replied 1 month ago
If the profit is reinvested to pay for the mortgage it will still negatively impact his Medicaid and Financial Aid for school?

I don't think so since it is just to cover the business expenses so no income would be reported.

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Customer reply replied 1 month ago
I must know with certainty. Can you please let me know?
Only the government can answer that for sure but the argument that these are business expenses and not income works in his favor.
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