New and Important Changes for New Yorkers

Written By Kevin McKernan

On July 19, 2024, new legislation passed providing homeowners with additional protections against deed theft and transfer of property: 

  • Deed theft is now classified as grand larceny; theft from elderly, disabled, or incapacitated persons, or the theft of three or more residential properties. 

  • The statute of limitations was extended to the later 5 years of the theft or 2 years after the homeowner discovers the crime. 

  • The OAG now has original criminal jurisdiction to prosecute deed theft cases. 

Estate Planning: The New York State Real Property Law was amended by the addition of new section 424, which introduces the use of a Transfer on Death Deed (TOD) and took effect on 7/19/24.

The TOD deed needs to be signed by two witnesses who were present at the same time and who witnessed the signing. As of now, TOD deeds are not an effective planning tool for Medicaid eligibility.

This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship. 

For more information on this and other topics, please contact Kevin via any of the channels listed below:

📧 kevin@kmckernan.com  | 📞 718-317-5007

Kevin McKernan
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