What to Expect When Purchasing a Co-op

In many areas, co-op apartments are viewed as affordable housing that offer a gateway to home ownership. First-time homebuyers and seniors are often drawn to co-ops as they require less upkeep than houses and the repairs and management of the common areas are cared for by a management company. Co-ops also offer owners seeking to cap their monthly housing costs a set maintenance fee that will usually encompass the costs of heat, hot water, upkeep of the common areas and real estate taxes in addition to any mortgage payments. While co-ops have much to offer, it is important to understand that buying a co-op is very different than purchasing other real estate. Here are a few tips to consider: Continue reading

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Disinheriting a Spouse: Rules and Limitations in New York State     

 

An engraving created in 1894 by the artist Walter Dendy Salder called “The New Will: Everything to My Wife Absolutely!” vividly portrays an older man of wealth who has married a younger woman visiting an attorney to prepare their estate planning documents. The engraving stands for the assumption that a spouse would want to leave the other their entire estate. In reality, this is often not the case. There may be many reasons why one spouse may decide not to leave their entire estate to the other. Perhaps one spouse is on a second or third marriage and would like to leave a portion of their assets to Continue reading