Registered: 1505918372 Posts: 1
Reply with quote #1
A senior citizen whom I voluntarily care for from time-to-time, is listed under the protective community guardian program in New York City. She owns and lives in a Manhattan-based co-op appartment, which is fully owned. She has no living family members nor relatives, and has never setup a legal will. I have been a long-term friend, taking care of her for several years. I am listed as her primary contact for all important matters. She is of sane mind and would like to nominate me as the beneficiary of her property when she dies one day. If not, the property will be left to the State. She has agreed to have an attorney meet with her to set up a legal will, and will volunteer the transfer of her property without any coercion. What are the key legal considerations under these cirrcumstances, and what is the legal process to achieve this?
Registered: 1169270040 Posts: 3,776
Reply with quote #2
As landlords we can't give legal advise. But you should ask the attorney about this program and how it affects you. You need to know the tax consequences of being a home owner (what is taxable, what is tax deductible, what improvements should or shouldn't you make, what taxes/fees you will owe each year, etc.) What regulations are in place in that area (could you rent it if you need to, any ordinances or HOA/COA guidelines you need to know, what can or cant you do with it).
Registered: 1472494503 Posts: 402
Reply with quote #3
You definitely need to be talking to professionals. I am guessing NYC is crazy on housing laws, so that alone could be a minefield to navigate. On top of that, the taxes alone are worth an hour with a CPA. Another hour with an attorney who knows NYC real estate laws will be more than worth it. The money you will spend on these two professionals will probably save you 10x that money if you were to make a mistake at some point. I would move forward though, I can't imagine that it isn't in your favor, even if you just turned around and sold it.