The HOA in a 55+ community has bylaws stating that only a natural person may own property in its subdivision.
The Garnes St. Germain (sp) act prevents lenders from discriminating against owners placing their home in a trust. Does GSG do anything in this situation regarding the HOA restriction?
Without dealing with old Garnie boy, you might want to consider this: You are a natural person. So is your Trustee. Title is in your Trustee’s name so make him a co-beneficiary (10%). Therefore title is in a natural person’s name (his) and you, as co-owner are living in the property.
It’s my understanding that the trustee is a corporation.
The home owner has the right to put their property into a intervivos trust, making them the Trustor of the 123 Main Street trust with a trustee who is unrelated to give them antonymity. (wish I had spell check)
The trustor, and I, and a Resident will all three be beneficiaries.
The HOA will be dealing with the corporate trustee.
Correct me if that is incorrect.
An HOA cannot prevent an “owener/s” from doing proper estate and financial planning, nor prevent them from placing their property in a trust, revocable or not. And, as long as one of the “Natural Persons” remains a beneficiary and occupies the property, the HOA should have not problem.
My father is the Pres of his HOA and he has dozens of residents that have they properties “in trust”, with no regard to whom or what the beneficiary is.