He paused.
“And they have no idea the most valuable asset in the family already belongs to you.”
Then Daniel explained the part I hadn’t understood.
Walter had given Patricia a life estate.
But it came with conditions.
She had to maintain the property.
Keep taxes current.
Maintain homeowners insurance.
And avoid doing anything that damaged the interests of the remainder beneficiary.
Me.
During discovery, Daniel’s team uncovered something Patricia’s own attorney had failed to recognize as significant.
Patricia had opened a large home-equity credit line against the property.
A property she did not actually own.
She used the money to support her lifestyle.
Leased luxury SUVs.
Galas.
Trips.
Expensive restaurants.
Then she allowed the homeowners insurance to lapse for several months.
And she stopped paying property taxes.
The taxes were now delinquent.
A lien had begun accumulating.
She had done all of this without informing the trust.
