Why Are Trusts Needed to Protect Your Assets From Being Seized?
In New York since the 1980s Businessmen have found legal ways to target homes in Black and Latino Neighborhoods. New York City today is filled with opportunities to make a profit off long-time homeowners, many of whom do not leave wills. Even if the homeowners do leave a will, they are written in a manner that can be questioned and taken through litigation which is timely and costly. Under New York City Law anyone who has a percentage of interest in a property has the right to go to court and demand a judge to order the sale of said property. Which would split the proportional proceeds among the recognized shareholders.
This is what happened to several families in NYC for years now, with Business men like Eddie Doran targeting families, such as Deborah Thomas for their properties. Aston Smith bought his home in 1995, which was co-owned by his wife Deborah Thomas and his mother who passed away. After his mothers passing his estranged brother Raymond Smith inherited half of the real estate which included a little over 16% of Aston Smiths home. Doran and his co-investors found Raymond and bought his share, therefore, becoming co-owners of Aston Smith’s home. To avoid the costly nature of litigation and the risk of losing their home they paid the co-investors and Doran $235,000 even though they only bought the share for $65,000. This has happened to several communities that are on the verge of gentrification in New York City.
To protect your home and your assets so you don’t fall victim to this target in New York City consult with a well versed Estate Planning Attorney, Inna Fershteyn. The Law Office of Inna Fershteyn, will assist you with your will or trust, review documents to ensure if they should be signed or not in terms of your estate, and assisting you in setting up a detailed will or trust to ensure your loved ones or you do not become targets of these NYC businessmen.
For further Estate Planning inquiries please contact the Law Office of Inna Fershteyn at 718-333-2395 to best prepare for your future through will drafting, trusts, power of attorney, health care proxy, and living will documentation.