Unless you have a crystal ball, it’s impossible to predict what the future holds. Should you become unable to make your own decisions, it is imperative to appoint someone to take care of your affairs and make healthcare decisions on your behalf. Additionally, in order to ensure that your assets are passed on to your… Read More »
Posts Categorized: Real Estate
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Can a Bank or Mortgage Lender Call In the Mortgage if…?
… 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 »
What if I Have a Contract to Reduce My Property Taxes, But I Want to Sell My Home?
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 »
Will Your Home Be Transferred to Your Family Upon Your Passing?
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 »
Do You Own Property In Two States?
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 »
Four Steps to Help Avoid Intra-Family Conflict After Passing
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 »
“CO”s & “CoC”s
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 »
Selling My House With Solar Panels – Your Options
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
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 »
What is a Life Estate?
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 »
How Should I Pass Down My Home?
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?
The Basics of Reporting a Sale of Real Property
Reporting the sale of real property could be either really complicated or relatively simple, depending on the facts and circumstances. The type of property will also impact the manner and type of taxes that need to be paid. There may also be different tax ramifications depending on who you are selling the real property to… Read More »
What to Consider When Selling Real Property from a Trust or Estate
If you are a trustee of a trust or an executor of an estate that owns real property, you may need to sell the real property throughout the course of the administration of the trust or estate. Before you move forward with a sale of the property, you should consider a few things: Do you… Read More »
What is the Difference Between Revocable and Irrevocable Trusts?
A trust is established by people looking to maintain control of their assets while avoiding the probate process, which is the process by which a family takes the decedent’s will to court. As part of probate, the court reviews the estate and then gives authority to distribute the decedent’s assets.
Can I Sell My House If It Is In An Asset Protection Trust?
A frequent question I get from clients who are considering putting their house into a Medicaid Asset Protection Trust is,“If my house is in the trust, can I sell it if I so choose in the future?”
Organizational Apps That Help You Move & More!
Our practice produces many important documents for elderly clients. Clients may forget where these documents are located within their home, lose track of the documents’ location over the course of a move, or may pass on without sharing the actual documents (or their location) with their children, executor, or guardian. There are a few smartphone… Read More »