Transferring Ownership Of The Family Home
When drafting an estate plan, our clients are often concerned about what will happen to their real estate. In particular, the family home must be considered when writing a will. A practiced estate planning lawyer at Ingold Law PLLC can help New York residents evaluate the different ways to transfer property and make the best decision.
Property transfer in New York state is a complex process, especially without proper documentation. For the past 15 years, attorney Elizabeth Ingold has exclusively practiced estate planning and elder law, making her and our entire team reliable advocates for your family’s protection and care.
How Property Can Be Transferred
Property can change ownership in several ways, both actively and passively. Our attorneys’ experience enables us to advocate for the solution that most strategically benefits you, as not all solutions are created equal.
Finding the best approach hinges upon the type of property ownership. Here are a few examples:
- Sole owner: When a single individual owns the entirety of the property without survivor rights, the title is transferred through a last will or New York’s built-in inheritance laws.
- Tenants in common: Co-owners have much flexibility and are able to transfer their partition of ownership via deed or will that conveys the interests to another co-owner.
- Joint tenants: Different from the above, joint tenancy accounts for equal shares of ownership. Upon death, the decedent’s interest is eliminated and the entire ownership passes to the remaining tenant(s).
- Married ownership: Married couples enjoy special protections for the family home. When a spouse dies, their ownership immediately transfers to the surviving spouse, affording them partial protection from creditors.
Removing the value of the family home from an estate can help avoid excessive taxes or secure government-funded health coverage like Medicaid. No matter the situation our clients are facing, the lawyers at Ingold Law PLLC have the experience and education to find a solution that helps protects the family and their interests.
Start Planning Today
The best thing anyone can do to protect their legacy is to start drafting an estate plan early. Call Ingold Law PLLC in Williamsville at 716-972-3698 or contact us online to schedule a consultation. We are standing by to answer your questions. We truly care about helping families in the Buffalo area and beyond find peace of mind.