Real Estate & Estate Law Archives - Law Offices of Daniel Timins

Is There Any Reason NOT to Do a Medicaid Trust in New York?!?!

Posted on September 13, 2019

Many aging individuals appreciate how much work they have done through their lives, how much risk they took, and how they were somehow able to save up enough money to live in retirement for over 20 years. Then, without warning, they have a stroke, or a fall, or are diagnosed with dementia, and it becomes clear to them that their aging health issues can erase their entire net worth in a mere few years. The family then finds out that receiving home care Medicaid is pretty easy, but to protect family assets from Medicaid nursing home care benefits requires you to be indigent for at least 5 years. And (unfortunately by predictably) the family home was never transferred or properly

How to Secretly (and Correctly) Purchase Real Estate with Trusts and LLCs

Posted on May 17, 2019

Privacy is an almost-forgotten concept in our world. Perhaps we are trying to avoid being found by a greedy family member or being served in a vexatious lawsuit by a degenerate loser. Maybe you are a celebrity or media personality and don’t want your fans – or detractors – waiting outside your building or driveway (I love all of my adoring fans, but I don’t want them knocking on my front door before I start binging Punky Brewster reruns on Netflix). Maybe you are a foreign diplomat trying to secretly create a safe haven for your money and yourself in our wonderful country in case you piss off the head of your political party. But real estate records are public

Avoiding Future Real Estate Blunders (Do the C.O. and Pay Liens Yourself)

Posted on June 2, 2016

I have written before about Probate pitfalls and horror stories (stock certificates and EE Bonds being the items I loathe the most). Let’s talk about another item of property that makes some Executors cringe and beneficiaries moan: When an estate (and estate attorney) neglects properly handling Real Estate. Many of us know the emotional roller coaster ride of buying and selling a house – offers, counter offers, mortgage heartburn, moving, last second surprises (continue any possible stressful occurence ad infinitum). Now imagine a third-party (an Executor / Administrator / Trustee) having to figure these out and paying for attorney’s assistance out of your estate’s assets or, worse, initially out of their own pocket. It is at this point our story begins: I

Who Owns Your Money?: Correct Asset Titling Means Everything

Posted on August 6, 2015

“Titling” boils down to current and future ownership: An account with only your name on it means you own the account. Adding other individuals to the title determines who else has access to your accounts while you are alive, and what happens to those assets when you pass away. Titling your assets correctly can have a huge impact on taxes, transfer costs, and legal fees when unfortunate events happen to you. Owning an account jointly allows multiple parties to have full access to assets in the account. One critical caveat, which has led to a shocking number of legal disputes, is whether the account is created as Joint Tenants With Rights of Survivorship, or merely a “Convenience Account.” The former

GUEST BLOG – Chet Davis: How Home Buyers Can Obtain the Best Home Mortgage

Posted on April 7, 2015

Obtaining a home mortgage is one of the most substantial financial transactions that most families will ever negotiate. The mortgage loan process can take 60-90 days from the signing of a Contract of Sale on a purchase through closing. The loan application and related paperwork can be hopelessly confusing. So, how do you obtain the expertise for the one, two or maybe three times in your life that you’ll buy or refinance your home? Options for finding a mortgage include: Calling your local retail bank Going on a website like Bankrate.com or www.lendingtree.com Asking friends and family for recommendations Consulting with a residential mortgage banker Regardless of your approach, every home buyer needs to know the following before looking for

Handling the Empty Nest: Securing the Recently Departed Loved One’s House

Posted on March 24, 2015

When a person passes away there are several matters to take care of, the FIRST of which is securing the premises. One of my biggest concerns is the possible “Dash and Grab” that dishonest (needy?) family members perform when they hear of the recently departed family member and run to strip the house of assets with financial or sentimental value. And, as much as I hate to use stale idioms, “Possession IS 9/10ths of the law.” Here are steps you can take to secure a family member’s personal belongings upon their passing: CHANGE THE LOCKS: If the house was owned by the decedent, consider doing this to protect the property inside. CANCEL CREDIT CARDS / FREEZE BANK ACCOUNTS: Supplying a

How to (and Should I?) Place My Cooperative Apartment in a Trust

Posted on September 25, 2014

Buying (and living in) a Coop can be a pain: Coop Boards dictate whether you can have pets, children tenants, hard wood floors, and when you pay increased maintenance and “special assessments.” They also decide whether or not you can place your Coop “In Trust,” thereby avoiding it passing through Probate via your Will when you pass away. First, the Coop’s legal counsel will want to review your Trust, often for about the cost you paid to draft it. They may require modifications and ask your beneficiaries to assume any future liabilities that may be assessed. You will then need to transfer the Coop shares for an additional cost, and produce your original Shares Certificate and Proprietary Lease (or otherwise