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When Grandma Wants to Add Junior: Navigating Co-op Stock Transfers
Manage episode 456516949 series 3534646
Sisällön tarjoaa Legal Talk by Habitat Magazine. Legal Talk by Habitat Magazine tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.
One would think it would be easy to add a family member to a co-op stock certificate, but you can’t "just add a name." For boards, it requires careful consideration of multiple factors, including transfer taxes, flip tax implications, and the financial viability of new shareholders. Matthew Goldberg, partner at Hankin & Mazel, explains how boards should evaluate cases where incoming family members lack strong finances, such as recent graduates being added to elderly relatives' shares, and outlines the legal requirements and NYC filings necessary to protect the co-op's interests. Habitat’s Emily Myers conducts the interview.
The business of running a building is demanding work that requires making endless decisions — some that can quickly lead your board into a quagmire of legal difficulties. Legal Talk interviews New York's leading co-op/condo attorneys to find solutions, and get some guidance, on these challenges. For more co-op and condo insights, sign up to receive Habitat's free newsletters or become a Habitat subscriber today!
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