Considerations in Structuring Ownership of Condominiums and Cooperative Apartments in New York: An Overview for Estate Planning Professionals

Private Wealth Services attorney Monika Jain wrote an article for the New York State Bar Association's (NYSBA) Trusts and Estates Law Section Journal about the distinct challenges New York's residential real estate market presents for estate planning professionals. Dominated by cooperative apartments and condominiums, the sector features ownership shares in a corporation (co-ops) and deed-based ownership (condos) instead of the fee simple models typically seen in other jurisdictions. Monika's article dives into the different aspects of condo and co-op ownership, from their underlying distinctions to the available options – tenancy by the entirety, revocable trusts, irrevocable trusts and limited liability companies (LLCs). She compares these structures, outlining their pros and cons as well as listing the tax and estate planning issues implicated by each approach. The piece provides a helpful guide to matching clients' objectives with the optimal ownership structure for meeting them.

READ: Considerations in Structuring Ownership of Condominiums and Cooperative Apartments in New York: An Overview for Estate Planning Professionals (NYSBA membership required to view)