Feb 4, 2020

What’s In a Name? (Part 2): Tax and Other Consequences Caused by Joint Ownership of Real Property

Estate Tax

In an earlier article we posted entitled “What’s in a Name? (Part 1),” we set forth the various possible ways that assets can be titled. Titling controls how an asset that you own will be distributed upon your death.  If you own an asset in your individual name, this asset will most likely be distributed through the terms of your Will through the court process called probate, or if you die without a Will, through the process known as administration.  If you own an asset that permits you to designate a beneficiary, such as a retirement account, that designation controls… Read more

Feb 15, 2007

Transfer on Death Designation

Last Will and Testament Form

A provision was recently added to New York’s Estates, Powers and Trusts Law which may affect the ownership of cooperative apartments.  Under the revised statute, transfer on death (“TOD”) designations may now be used for securities in New York State.  These permit the owner of stock to designate a beneficiary on the stock registration so, that upon the death of the stockholder, the stock automatically transfers to the designated beneficiary without the expense and delay of a probate proceeding.  The same result could be obtained previously by designating an individual as a “joint tenant”, but a joint tenant is a… Read more