A Matter of Trust - When Owners Transfer Apartments to Trusts, LLCs, & Other Legal Entities

Shareholders and unit owners often seek to transfer ownership of their apartments to Revocable Living Trusts, Medicaid Trusts, Family Limited Liability Companies and other artificial entities in order to avoid probate and reduce their tax liability. These requests can create challenges for boards – including protecting the association’s ability to enforce its governing documents, avoiding under-the-radar transfers, and maintaining a sense of community in the building. This panel of experts will discuss the legal and procedural implications of these transfers, when co-ops and condos should permit owners to make them, and how to protect boards and residents from the unique issues created by non-individual ownership.

Sponsored by: Smith Buss & Jacobs LLP

00:57:00