Tag: inheritance planning
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Consider This Before Creating a Life Estate Deed
Say you decide you’d like to stay in your home for life. After all, with the costs for assisted living going through the roof, holding your deed might be the best senior living plan! You can certainly draw up a life estate deed, and convey your property into a co-ownership with someone — a friend,…
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New in New York: Transfer on Death Deeds
In July 2024, the brand-new Transfer on Death Deed Law went into effect in New York State. Residents are now free to create and record a transfer on death deed (also known as the TODD or TOD deed). If you know who you’re leaving your home to, and that person doesn’t already hold rights of…
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Understanding Life Estate Deeds: Benefits and Drawbacks
It’s possible to deed your property into a co-ownership with the person who will receive your home after your life. Perhaps you plan to leave your house to an adult child, or even a friend. A life estate deed is one option. It keeps you in your home for life. After your life, your home bypasses probate,…
