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Posts Categorized: Real Estate
In my experience, one of the biggest concerns for clients, especially seniors, is that they do not want to lose their home to long-term care costs. An Example Recently I met with Sal. He has two children and always thought that when he passed his children would inherit the home that he and his wife… Read More »
A reverse mortgage is a mortgage loan, usually secured over residential real property, which enables the borrower to access the equity value of the property. Specifically, it is a financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments or a lump sum of money based largely on the… Read More »
There comes a time where a child or family member may need to have tough conversations with an aging parent or family member with regard to their driving and housing. While there is no clear scientific evidence that indicates how old is too old to drive, there is indeed a point in everyone’s life where… Read More »
Just a few words on a deed may seem inconsequential, but where two or more individuals own title to real property, it is important to understand the multiple forms of ownership that are available, and unavailable, to property owners. Whether it is residential real property, a condominium, or a cooperative apartment, the form of ownership,… Read More »
… My spouse died, and I am the surviving tenant by the entirety of our house? … My parent died, and I am the surviving joint tenant of our house? … I inherited a house from a relative and now reside in it, and have been making the monthly mortgage payments? … I transferred my… Read More »
A constant concern here on Long Island is the continued increase in Property Taxes and the ever-increasing cost of living. The application for state program real estate tax exemptions (such as Basic STAR, Enhanced STAR or Veterans exemptions) may help to ease the burden, but there are instances where homeowners may not be eligible for… Read More »
So you own your home and you think that it will be transferred to your family upon your passing without going to court. But is that really the case? What does all of this mean? A house that is owned by spouses often makes such a reference (i.e. John Smith and his wife, Jane Smith)… Read More »
It’s that time of year where we are celebrating with our loved ones and we are starting to make plans for what we want to do better or different in the coming year. Reassessing your estate plan should be at the top of that list. I have found that over the years, more and more… Read More »
Relationships are complicated. Familial relationships can be more so complicated than any other relationship. Conflicts can arise between spouses, siblings, generations, and in-laws. Intra-family conflicts can occur where a family member is favored over others or is perceived to be favored over others. A conflict can also occur where a family member who is named… Read More »
A seller of property must be mindful that there may be issues that rear their ugly head once in contract to sell the real property. One such issue that is far too common is the existence of a deficient Certificate of Occupancy/Completion or open Building Permit. A Certificate of Occupancy (“CO”) is a document issued… Read More »
As the use and installation of solar panels in residential homes become more prevalent, we are increasingly facing the question with our clients as what to do if they decide to sell their home after solar panels have been installed. Studies have shown that homes that have solar panel systems installed tend to sell more… Read More »
Join Us For An Upcoming Seminar: How to Protect Your Home and Avoid Probate – The Methods Used to Avoid Probate – How a Trust Can Protect Your Home – When to Use an Irrevocable Trust Versus a Revocable Trust Date: Jun 26, 2018 Time: 6:00 PM – 7:30 PM Location: Alzheimer’s Disease… Read More »
When discussing Medicaid planning, the phrase, “life estate” is sometimes mentioned, but what does it mean? A life estate is a form of joint ownership on a property that allows one person to remain in the home until his or her demise. Upon his or her death, the house passes to the other owner. Life… Read More »
In order to avoid probate, you may decide to either place your home in a revocable trust or place someone you trust on the deed, creating joint ownership. Each of these options have their own pros and cons, but which is a better safeguard?