New York State Legislature Considering Law to Permit Transfer on Death Deeds

10/23/2023

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A pending bill before the New York State Legislature would permit transfer on death deeds (so-called TOD deeds). A TOD deed permits the owner to transfer real property to a named beneficiary or beneficiaries upon the owner’s death. A TOD deed may eliminate the need to probate a simple estate and it would also give the beneficiary an automatic “step-up” in basis that can substantially reduce liability for capital gains taxes.

For more information, please contact a member of our Real Estate or Trusts and Estates Groups.