Key Takeaways A co-op owner holds shares in a corporation, not a deed to real property. A proprietary lease grants the right to occupy a specific apartment unit. Co-op shares generally must pass through Surrogate’s Court probate at death. A properly funded trust can hold co-op shares if the board approves it. Joint ownership of […]
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Key Takeaways A trust in New York typically takes three to six weeks to draft and sign, not counting the post-signing asset alignment / funding process. Funding a trust, transferring assets into its name, often takes a few weeks longer. The type of trust selected changes the timeline; revocable trusts move faster than irrevocable or […]
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Key Takeaways A quitclaim deed transfers ownership without guaranteeing clear title. Valid deeds require competent parties and acceptance by the grantee. Lack of capacity may provide grounds to challenge a quitclaim deed. Undue influence or forgery may make a quitclaim deed invalid. Contesting a quitclaim deed requires evidence and a timely legal challenge. A quitclaim […]
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Key Takeaways Estates typically remain open about two years until assets are distributed. Most states require filing probate within 10 days to three months after death. Executors usually have about 30 days to initiate the probate process. Creditors generally have one to four months to submit claims against the estate. Courts close an estate after […]
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Key Takeaways A minor can legally inherit a house in New York, but cannot manage or sell it alone. New York law defines a minor as anyone under eighteen years old. Courts appoint a guardian when no trust or custodial arrangement already names one. Testamentary trusts and custodial accounts let parents choose who manages the […]
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Key Takeaways An inheritance can push a Medicaid recipient’s assets over the program’s eligibility limits. Medicaid Estate Recovery pursues repayment from a deceased recipient’s estate, not a living recipient’s benefits. New York Medicaid recovers claims accrued during a recipient’s lifetime, going back up to ten years. Surviving spouses and certain dependents may qualify for deferral […]
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Key Takeaways A primary residence is generally exempt from Medicaid’s asset limits if you live there or intend to return. New York sets the home equity limit at $1,130,000 for nursing facility and community-based long-term care. Non-primary residences and investment properties are treated differently and may count toward eligibility limits. Medicaid estate recovery may allow […]
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Key Takeaways Executors may sell estate property without all beneficiaries approving. Executors receive authority only after appointment by the probate court. Executors must follow the terms of the will when selling estate property. Administrators may sell estate property according to state probate laws. Executors must act in beneficiaries’ best interests and avoid selling below market […]
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Key Takeaways Property ownership after a co-owner’s death depends on the deed’s ownership structure. Joint tenancy with survivorship transfers the deceased owner’s share automatically to surviving owners. Tenancy in common allows a deceased owner’s share to pass to heirs through a will. Tenancy by the entirety transfers full property ownership to the surviving spouse. If […]
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Key Takeaways Community property states treat homes acquired during marriage as shared property. Common-law states grant ownership only to individuals listed on the property title. Property owned before marriage or inherited is generally considered separate property. Adding a spouse to a deed can convert separate property into community property. Mortgage responsibility may remain with one […]
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