Ensuring Your Will Adapts To Life’s Changes
Creating a will provides a semblance of control over the unknown and reassures us that our loved ones will be taken care of. If you executed your Wills in the 1990s, they would generally still hold validity today.
When purchasing investment property, it is better not to own the property in your personal name. Both a Limited Liability Company (LLC) and a Corporation (Corp) offer creditor protection.
When you buy a real estate with someone in New York State there are three ways you could take title: (i) as tenants in common; (ii) as joint tenants with rights of survivorship; or (iii) if married, as tenants by the entirety.
One of the most disruptive proposals put forth last year by Congress was the elimination of the tax-free basis step up at death. Luckily for many of our clients, the legislation was never enacted.
Condominiums (“condos”) and housing co-operative (“co-ops”) seem very similar. Generally, both are apartments within a multi-unit building. The major difference lies in the ownership structure.
An ownership interest in real property is a combination of a bundle of different rights, the rights to possession, use, transfer, encumber and exclude. A life estate is a type of joint ownership of real property with ownership “split” between a present interest and a remainder interest.
The Automated City Register Information System, more commonly referred to as “ACRIS”, is New York City Department of Finance’s online portal. The portal allows one to view property records (such as deed filings), calculate property taxes, apply for exemptions, and prepare transfer tax forms.
Whether a Trustee can sell property in a trust depends on the terms of the trust. “Maybe” may seem like a common attorney refrain to frustrate clients, but the powers of a Trustee depend either on the terms of the trust, the purpose of the trust and New York’s Estates, Powers and Trusts Law (“EPTL”).
A Medicaid lien on a home must eventually be satisfied. Typically, a Medicaid lien is placed on real property when an individual is receiving benefits through the Medicaid program during his or her lifetime and still owns a primary residence.
The closing is the final step in a real estate sale where the buyer obtains title to the property. The time between an offer’s acceptance and the closing date—evidenced by a deed from the seller or stock certificate for a cooperative apartment –is filled with activity.
A lien is a legal claim against real property by a creditor of the property owner, recorded in the county clerk’s oﬃce. The lien remains on the property until the property owner pays off the debt.
When residential property is owned by a trust, the trustee may sell the property if the terms of the trust permit it. The trust would be the seller of the property and the trustee must sign the listing agreement, contract of sale and closing documents.
Ever since the concept of individual land ownership emerged, passing real estate at death has existed in one form or another. Different states have different property laws that directly affect how real property passes at death.