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2024 Strategies for Long-Term Care Planning in New York

With 10,000 baby boomers turning 65 every day, long-term care planning has become an increasingly important issue across the United States, including in New York. As the population ages, more individuals will require long-term care services and supports, highlighting the need for prudent planning to cover future care costs. There have been recent developments in New York on Medicaid eligibility rules and asset protection strategies.

April 16, 2024
5 Top Reasons Why Investment Real Estate Should Go into an LLC – Not a Corporation

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.

May 11, 2022
Joint Tenants with Rights of Survivorship Explained

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.

March 30, 2022
Fixing an Old Trust to Avoid Capital Gains Tax for Heirs

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.

March 25, 2022
What’s the difference between a condo and co-op?

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.

February 4, 2022
Who owns the property when there is a life estate?

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.

January 5, 2022
What is ACRIS used for?

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.

October 15, 2021
Can a Trustee Sell Real Estate in a Trust?

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”).

September 21, 2021
Inheriting a House with a Medicaid Lien

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.

June 11, 2021
Steps in a Real Estate Closing

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.

May 30, 2021

Our Blog

Thought Leadership

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.

October 14, 2022 Read Article

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.

September 23, 2022 Read Article

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.

September 12, 2022 Read Article