Real Estate
A deed is a legal document used to convey title to real property. There are different types of deeds that may be used depending upon the circumstances of the transfer. It is always best to consult an experienced real estate attorney who can prepare and advise which type of deed should be used to meet […]
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A “closing” in legal lingo is the final step in a real estate transaction. A real estate closing is when the purchaser obtains title to the property, evidenced by a deed from the seller to the purchaser or stock in a cooperative apartment. Simultaneously, the seller obtains the net proceeds from the sale. This event […]
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Selling or purchasing real estate property can be one of the most significant transactions in your life. The information below is a general guide to the basic steps in a residential real estate transaction. Complex issues may arise during a sale, so you should retain an experienced real estate attorney to represent you. As the […]
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Real property in the Hamptons has always enjoyed a steady increase in value. But with this increase in value, owners may incur a substantial tax bill from the capital gain in their real property if and when they decide to sell. Federal long-term term capital gains are taxed at the rate of 0%, 15% or […]
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Many people use irrevocable trusts as part of their estate plan for tax savings, asset protection and Medicaid planning. In all these types of trusts, the Grantor (creator) of the trust is going to be limited to their access of the principal of the trust in order to ensure that their planning needs are met. […]
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Question: I transferred ownership of my house to a Medicaid Qualifying Trust ten years ago. I just put it on the market for sale, where will the proceeds go after sale? Are they protected? Answer: Many clients choose to place their primary residence into a Medicaid Qualifying Trust. Once the trust is drafted and signed […]
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Question: My aunt has a home that she purchased in 1980. It is now worth $300,000.00 and she wants give it to me to protect it from the cost of nursing home care. Can she just deed it to me? My lawyer is suggesting a trust. What is the difference? Answer: This is a good […]
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If you are the sole owner of an income producing property, you should consider placing that property in a Revocable Trust. There are several benefits in executing a trust to hold the real property, rather than bequeathing the property in a will, including avoiding the costs of probate and protecting privacy. The need for continuity […]
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*Updated August 11, 2020 While the primary residence is exempt from the resource calculation for community-based Medicaid, there are certain precautions that should be taken to ensure that the house will remain protected under all circumstances. Owning a home does not disqualify an applicant from receiving Community Medicaid. Medicaid is a needs-based benefit that requires […]
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Question: I put my house in an irrevocable trust two years ago to protect it in case I need nursing home care in the future. I now want to sell the house and use the proceeds from the sale to buy a condo. Can my trust sell my house and buy the condo? Answer: Yes, […]
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