Protecting Co-op Apartments
Requires Special Handling
10. Cooperative apartments require special handling. If you currently reside in a co-op and want to implement an asset protection strategy that involves transferring it to a trust, you will need the co-op board's approval. This is another good reason to retain an Elder Law firm experienced in addressing these matters. If the board says no, a knowledgeable attorney may still be able to persuade them to move ahead with the plan.
There are several approaches we've found have a track record of success with co-op boards:
- explaining the Elder Law plan and why it is important to change the title to the apartment
- proving ability to pay the co-op maintenance
- agreeing to put money in an escrow account to cover a certain amount of maintenance
- entering into an agreement that the trust will be responsible for the co-op’s collection expenses if there’s a dispute
- making a commitment as to who will or will not live in the apartment
- agreeing to specific conditions of sale after the owner dies
The goal is to convince the board that the transaction doesn't hurt the co-op, and can be consummated in a way that won't expose the building to any additional risk. While no firm can guarantee getting board approval every time, a competent Elder Law attorney should succeed in a large majority of cases.
Table of Contents
25 Strategies to Prevent Financial Ruin
from Long-Term Health Care Costs
- (1) You can qualify for Medicaid (even if you don’t think so).
- (2) The “Wait and See” Approach Can Result in Ruinous Health Care Expenses.
- (3) Plan for Home Care and Nursing Home Facility Care while You Still Can.
- (4) What’s the difference between Medicare and Medicaid?
- (5) It’s NOT Too Late for Effective Medicaid Planning
(even if you think it is).
- (6) Why Hire an Elder Law Attorney?
- (7) Don’t Prepare Your Own Medicaid Application!
- (8) Trusts Can Protect Your Home and Your Money!
- (9) Special Trusts for Specific Purposes.
- (10) Protecting Co-op Apartments Requires Special Handling.
- (11) Evaluate Your 401k or IRA Carefully when Planning for Medicaid.
- (12) Why Take the Lump Sum Option on Your Pension or Retirement Account?
- (13) Choose Your Trustee Wisely.
- (14) Private Annuities Can Help Protect Your Assets.
- (15) Caregiver Agreements Help Achieve Medicaid Eligibility
- (16) Keep Your Medicare Insurance.
- (17) The Durable Power of Attorney.
- (18) Elder Law and Estate Planning.
- (19) The Health Care Proxy vs. the Living Will.
- (20) How to Choose an Elder Law Firm.
- (21) Streamline Your Financial Affairs and Record Keeping.
- (22) New York State is More Generous than Other States.
- (23) Your Attorney Can Help Find the Best Care for You.
- (24) Long-Term Care Insurance Won’t Necessarily Solve the Problem.
- (25) Compassionate Elder Law Planning Focuses on Your
- Table of Contents - 25 Strategies to Prevent Financial
from Long-Term Health Care Costs Special Report
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