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.
25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs
- You can qualify for Medicaid (even if you don’t think so)
- The “Wait and See” Approach can Result in Ruinous Health Care Expenses.
- Plan for Home Care and Nursing Home Facility Care while You Still Can.
- What’s the difference between Medicare and Medicaid?
- It’s NOT too Late for Effective Medicaid Planning (even if you think it is)
- Why Hire an Elder Law Attorney?
- Don’t Prepare Your Own Medicaid Application
- Trusts Can Protect Your Home and Your Money!
- Special Trusts for Specific Purposes
- Protecting Co-op Apartments Require Special Handling
- Evaluate Your 401k or IRA Carefully when Planning for Medicaid
- Why Take the Lump Sum Option on Your Pension or Retirement Account?
- Choose Your Trustee Wisely
- Private Annuities can Help Protect Your Assets
- Caregiver Agreements Help Achieve Medicaid Eligibility
- Keep Your Medicare Insurance
- The Durable Power of Attorney
- Elder Law and Estate Planning
- The Health Care Proxy vs. the Living Will
- How to Choose an Elder Law Firm
- Streamline Your Financial Affairs and Record Keeping
- New York State is More Generous than Other States
- Your Attorney can Help Find the Best Care for You
- Long-Term Care Insurance Won’t Necessarily Solve the Problem
- Compassionate Elder Law Planning Focuses on Your Future Quality-of-Life!