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Quit Claim Deed Changes
Summary
To change ownership percentages on a Quit Claim Deed in New York, prepare a new deed, have all owners sign it before a notary, and file it with the county clerk. For creating a personal loan to aid Medicaid qualification, draft a loan agreement with fair terms, consult IRS AFR rates, and ensure compliance with New York usury laws. Use IRS life expectancy tables for setting loan terms. Consider consulting an elder law attorney for Medicaid compliance.Full Conversation
I need to change the percentages of ownership on a Quit Claim Deed.
Hi ****,
To assist you better with changing the percentages of ownership on a Quit Claim Deed, could you please let me know if all current owners are in agreement with the proposed changes? This information will help clarify the next steps.
To assist you better with changing the percentages of ownership on a Quit Claim Deed, could you please let me know if all current owners are in agreement with the proposed changes? This information will help clarify the next steps.
Yes
Hi ****,
In New York, to change the percentages of ownership on a Quit Claim Deed, you need to:
- Prepare a new Quit Claim Deed with the updated ownership percentages.
- Ensure all current owners sign the new deed in front of a notary.
- File the new deed with the county clerkâs office where the property is located.
Do you need more details on any of these steps?
In New York, to change the percentages of ownership on a Quit Claim Deed, you need to:
- Prepare a new Quit Claim Deed with the updated ownership percentages.
- Ensure all current owners sign the new deed in front of a notary.
- File the new deed with the county clerkâs office where the property is located.
Do you need more details on any of these steps?
No
Hi ****,
It sounds like you have the basic steps needed to change the percentages of ownership on a Quit Claim Deed. If you encounter any issues or need further assistance in the future, feel free to reach out.
Have a great day!
It sounds like you have the basic steps needed to change the percentages of ownership on a Quit Claim Deed. If you encounter any issues or need further assistance in the future, feel free to reach out.
Have a great day!
Thank you. Do you have a name?
Hi ****,
I go by FreeLawChat, and I'm here to provide you with legal information. If you have any more questions or need further assistance, feel free to ask!
Have a great day!
I go by FreeLawChat, and I'm here to provide you with legal information. If you have any more questions or need further assistance, feel free to ask!
Have a great day!
I need to create a personal loan that I will hold for the purpose of removing liability for Medicaid qualification.
Hi ****,
To create a personal loan to help with Medicaid qualification in New York, you should:
- Draft a written loan agreement specifying the terms (amount, interest rate, repayment schedule).
- Ensure it is a bona fide loan with fair market interest rate and repayment terms.
- Consider consulting with an elder law attorney to ensure compliance with Medicaid rules.
Would you like more details on any of these steps?
To create a personal loan to help with Medicaid qualification in New York, you should:
- Draft a written loan agreement specifying the terms (amount, interest rate, repayment schedule).
- Ensure it is a bona fide loan with fair market interest rate and repayment terms.
- Consider consulting with an elder law attorney to ensure compliance with Medicaid rules.
Would you like more details on any of these steps?
Yes. Which government charts do I use for both loan term and interest rate?
Hi ****,
For determining fair market interest rates and loan terms, you can refer to:
- **Applicable Federal Rates (AFR):** Published monthly by the IRS, these rates are used for setting minimum interest rates for loans.
- **New York State usury laws:** Ensure the interest rate does not exceed the legal maximum.
Would you like to know how to access these charts?
For determining fair market interest rates and loan terms, you can refer to:
- **Applicable Federal Rates (AFR):** Published monthly by the IRS, these rates are used for setting minimum interest rates for loans.
- **New York State usury laws:** Ensure the interest rate does not exceed the legal maximum.
Would you like to know how to access these charts?
Yes
Hi ****,
To access the charts for both the Applicable Federal Rates (AFR) and New York State usury laws:
- **AFR Rates:** You can find the latest AFR rates on the IRS website at [IRS AFR Rates](https://www.irs.gov/applicable-federal-rates).
- **New York Usury Laws:** These can be found in the New York Consolidated Laws, General Obligations Law, Section *-*.
Would you like further clarification on these resources?
To access the charts for both the Applicable Federal Rates (AFR) and New York State usury laws:
- **AFR Rates:** You can find the latest AFR rates on the IRS website at [IRS AFR Rates](https://www.irs.gov/applicable-federal-rates).
- **New York Usury Laws:** These can be found in the New York Consolidated Laws, General Obligations Law, Section *-*.
Would you like further clarification on these resources?
What about maximum loan term (life expectancy)?
Hi ****,
To determine the maximum loan term based on life expectancy in New York:
- **Life Expectancy Tables:** The IRS provides life expectancy tables, which can be used to set the term of the loan. These are often used in elder law and Medicaid planning.
- **Medicaid Regulations:** Ensure the loan term does not exceed the lender's life expectancy as per Medicaid rules.
Would you like to know where to find these tables?
To determine the maximum loan term based on life expectancy in New York:
- **Life Expectancy Tables:** The IRS provides life expectancy tables, which can be used to set the term of the loan. These are often used in elder law and Medicaid planning.
- **Medicaid Regulations:** Ensure the loan term does not exceed the lender's life expectancy as per Medicaid rules.
Would you like to know where to find these tables?
Yes
Hi ****,
To find the life expectancy tables for setting the loan term:
- **IRS Life Expectancy Tables:** Available on the IRS website in Publication *-B.
- **Medicaid Rules:** Check New York State Medicaid guidelines for compliance.
Would you like assistance accessing these resources?
To find the life expectancy tables for setting the loan term:
- **IRS Life Expectancy Tables:** Available on the IRS website in Publication *-B.
- **Medicaid Rules:** Check New York State Medicaid guidelines for compliance.
Would you like assistance accessing these resources?
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