Affluence & Advocacy - The Podcast

Role ofthe Executor of the Estate

Episode Summary
In this episode of Affluence and Advocacy, Kevin Rosenquist and Natalia Sishodia discuss the crucial role of an executor in managing an estate. Natalia explains the responsibilities and challenges faced by executors, including navigating probate, managing estate assets, and ensuring the timely distribution of assets to beneficiaries. With real-life examples, they explore common questions and provide advice on staying organized and seeking professional help. The episode emphasizes the importance of legal guidance and the responsibilities of an executor to ensure a smooth estate administration process.
 
Timestamps:
[00:00-00:30] Introduction to the topic of executors and their responsibilities.
[00:30-00:56] First steps for an executor after being named in a will, including filing the will with the surrogate court.
[00:56-01:47] Natalia shares a story of helping a client navigate the probate process after a three-year delay.
[01:47-02:56] What happens if an executor passes away before the estate is settled, including the appointment of a successor executor.
[02:56-04:23] The main responsibilities of an executor, including identifying assets, paying debts, and distributing assets.
[04:23-05:25] Common questions from executors, especially about which assets should be included or excluded from probate.
[05:25-06:36] Managing overwhelming tasks as an executor and the importance of seeking professional help.
[06:36-07:57] Final advice for executors on staying organized and seeking professional guidance early in the process.
[07:57-09:08] Conclusion and a reminder to reach out to Ashia PLLC for assistance with estate matters.
 
About The Show
Affluence and Advocacy is a podcast dedicated to demystifying the complexities of New York real estate and estate law. Hosted by Kevin Rosenquist and featuring legal expert Natalia Sishodia, the show offers practical insights, real-life examples, and actionable advice for navigating challenging legal scenarios. Whether discussing estate administration, real estate transactions, or the role of executors, each episode equips listeners with the knowledge they need to make informed decisions and avoid potential pitfalls.
 

Intriguing World of Land Lease Buildings

Episode Summary
In this episode of Affluence and Advocacy, Kevin Rosenquist and Natalia Sishodia discuss the unique aspects of land lease buildings and provide insights on what potential buyers should consider before purchasing an apartment in one. They cover the pros and cons, financial implications, and the importance of consulting with an attorney and financial advisor when navigating the complexities of land lease agreements.
 
Timestamps:
 
00:00-00:30: Introduction to the episode and guest, Natalia Sishodia.
00:30-01:00: Natalia explains what a land lease building is.
01:00-01:59: Discussion of the pros and cons of buying in a land lease building, including affordability and added monthly costs.
02:00-02:28: Explanation of the standard term and reset for ground rent in land lease agreements.
02:28-04:00: A case study of a client (John) facing unexpected fees and lease renewal challenges.
04:00-05:00: How Natalia helped the client navigate the situation and the importance of due diligence.
05:00-05:48: Advantages of buying in land lease buildings, including prime location benefits.
05:48-06:28: Discussion on resale value and how land lease expiration impacts property value.
06:28-07:19: Insight on whether land lease buildings are suitable for short-term buyers and considerations for long-term investments.
07:19-08:27: What buyers should do first when considering a land lease building, including consulting with a real estate attorney and financial advisor.
08:27-09:21: Final advice on buying in a land lease building, emphasizing the importance of understanding long-term commitments and resale potential.
09:21-09:44: Conclusion and invitation for listeners to reach out for further real estate questions.
 
About The Show
Affluence and Advocacy is a podcast focused on providing expert insights into New York real estate law, with a particular emphasis on navigating complex legal and financial situations in property transactions. In this episode, host Kevin Rosenquist and attorney Natalia Sishodia delve into the intricacies of buying in land lease buildings, explaining what potential buyers need to consider, from affordability and prime locations to the long-term financial commitments and potential risks. The episode highlights the importance of due diligence, consulting legal and financial experts, and understanding the nuances of land lease agreements to make informed decisions in real estate purchases.

Common Problems with Deals in NYC & Solutions

In this episode of Affluence and Advocacy: NY Real Estate Law, Natalia Sishodia shares insights from her extensive experience in New York City real estate transactions. She discusses common challenges that arise during real estate deals, including due diligence issues, contract negotiations, title problems, co-op board rejections, and unexpected hurdles like a seller passing away during a transaction. Natalia also highlights how her firm handles both legal and interpersonal challenges with a proactive and empathetic approach, ensuring smooth and successful outcomes for clients.
 
Timestamps:
00:00-00:05 - Introduction to Affluence and Advocacy: NY Real Estate Law.00:06-00:27 - Overview of today's topic: challenges in NYC real estate deals.00:28-00:44 - Natalia Sishodia shares her perspective on overcoming deal challenges.00:45-01:17 - Common stages where problems arise during real estate transactions.01:18-02:33 - Issues encountered during due diligence, including a red flag case study.02:34-03:22 - Contract negotiation: goals and an example of unique clauses.03:23-04:11 - Title issues: a case study of resolving an old mortgage discrepancy.04:12-05:18 - Co-op board rejection: how Natalia navigated a three-appeal case.05:19-08:33 - Memorable closing issues: disqualified loans, missing documents, and deceased sellers.08:34-10:16 - Handling probate and creative solutions for unexpected situations.10:17-14:05 - Addressing non-legal, interpersonal challenges in real estate transactions.14:06-14:47 - Closing remarks: importance of experienced legal counsel in NYC real estate.
 
About The Show
Affluence and Advocacy: NY Real Estate Law is a podcast dedicated to unraveling the complexities of New York City's real estate market. Hosted by experienced legal professionals, the show offers expert insights, practical advice, and real-world case studies to help listeners navigate the challenges of buying, selling, and managing property in the city. From due diligence and contract negotiations to handling co-op board rejections and unexpected hurdles, the podcast provides a comprehensive guide to protecting your interests and achieving success in real estate transactions.

Purchasing an Apartment in a New Development in New York

Episode Summary: 
In this episode of Affluence and Advocacy, NY Real Estate Law, LPN host speaks with Natalia Sishodia, a real estate attorney, about the nuances of purchasing a new development unit in New York. They discuss the advantages and disadvantages of buying in new developments, the differences in closing costs compared to resales, and due diligence considerations. Natalia also shares her expertise on strategies to reduce closing costs, common issues that arise during the process, and how to navigate them. The episode is a comprehensive guide for anyone considering a purchase in the complex New York real estate market, especially in new developments.
 
Timestamps:
[00:21 - 00:52] What does it mean to purchase a new development unit?
[00:52 - 02:07] Reasons to buy in a new development vs. an older unit.
[03:03 - 05:09] Disadvantages of buying a new development apartment.
[05:15 - 06:58] Types of clients who prefer new developments.
[07:03 - 08:01] Closing costs when purchasing a new development vs. a resale.
[08:04 - 09:23] How to soften closing costs in new development purchases.
[09:28 - 09:54] Due diligence for purchasing in a new development.
[09:58 - 10:27] Key conditions of closing when purchasing a new development.
[10:37 - 12:22] Problems in new development purchases and practical solutions.
 
About The Show
Affluence and Advocacy, NY Real Estate Law is a podcast that offers expert insights into the complexities of real estate transactions in New York, with a focus on legal aspects. Hosted by LPN Host and featuring real estate attorney Natalia Sishodia, the show covers a wide range of topics including the nuances of buying and selling property, navigating new development purchases, understanding closing costs, and handling common challenges like financing and due diligence. With a blend of real-world examples and practical advice, this podcast provides valuable guidance for anyone looking to make informed decisions in the New York real estate market.

1031 Exchange

In this episode of Affluence & Advocacy NY Real Estate, host Natalia Shishodia delves into the intricacies of 1031 exchanges. She explains that a 1031 exchange allows property owners to swap investment or business properties without incurring immediate capital gains taxes, effectively providing an interest-free loan from the government to reinvest in new properties. Natalia emphasizes that this tax deferral strategy is beneficial for investors looking to relocate their portfolios. However, she clarifies that 1031 exchanges do not apply to primary residences and outlines the qualifications for properties involved in the exchange, including the requirement that they must be income-generating or held for investment purposes. Tune in to learn how 1031 exchanges can optimize your real estate investments!
Timestamps:
[00:02:36] 1031 exchanges in a buyer's market.
[00:07:15] Holding period for 1031 exchange.
[00:10:46] 1031 exchange first-time advice.
About The Show
"Affluence & Advocacy" is a compelling podcast series on New York real estate law, hosted by Natalia Sishodia, an experienced attorney recognized for her expertise in real estate, business law, elder law, estate planning, and taxation. This podcast provides invaluable insights into the legal landscape of New York, specifically tailored for high-net-worth clients and international buyers navigating the complexities of real estate transactions.
 

Mastering Ancillary Probate for Multi-State Properties

In this episode of "Affluence and Advocacy," hosts Matt Skye and Natalia Shishodia delve into the intricacies of ancillary probate. Natalia, a seasoned New York City attorney specializing in real estate and estate planning, explains the distinction between primary probate and ancillary probate. Listeners will learn that primary probate occurs in the jurisdiction where the deceased resided, while ancillary probate is necessary when they own property in another state or country. Natalia illustrates this with the example of a UK investor who passes away, leaving behind a property in New York. The episode emphasizes the importance of navigating the probate process correctly to ensure that an individual's assets are distributed according to their wishes, highlighting the critical role of a skilled attorney in these situations. Tune in to gain valuable insights into how ancillary probate can impact estate planning and asset distribution across jurisdictions.
 
Timestamps:
[00:02:20] Ancillary probate complexities.
[00:06:09] Ancillary probate delays and impact.
[00:12:10] Trusts to bypass probate process.
[00:13:25] Ancillary probate professionals involved.
 
About The Show
"Affluence & Advocacy" is a compelling podcast series focused on New York real estate law, hosted by Natalia Sishodia, an experienced attorney recognized for her expertise in real estate, business law, elder law, estate planning, and taxation. This podcast provides invaluable insights into the legal landscape of New York, specifically tailored for high-net-worth clients and international buyers navigating the complexities of real estate transactions.

Understanding New York Real Estate Law for Foreign Buyers

This episode delves into foreign buyers' unique legal needs and cultural considerations in the New York real estate market. Natalia discusses the primary legal considerations when purchasing co-ops and condos, the differences in the purchasing process for foreign buyers, and the critical tax implications to consider. With practical examples and case studies, listeners will better understand the strategies for successful real estate transactions.
About The Show
"Affluence & Advocacy" is a compelling podcast series on New York real estate law, hosted by Natalia Sishodia, an experienced attorney recognized for her expertise in real estate, business law, elder law, estate planning, and taxation. This podcast provides invaluable insights into the legal landscape of New York, specifically tailored for high-net-worth clients and international buyers navigating the complexities of real estate transactions.