NYC Deed Transfer Fees

[Steve Genna]

Hello All,

I have already found BP to be a wealth of information for my own needs and now my father's portfolio could use some assistance from these forums.  

My father owns 3x properties in NY (their primary residence in Long Island, a second summer/vacation home in Long Island and a rental unit in NYC). I'm becoming more familiar with asset protection in terms of real estate and during a conversation with the old man, I asked how he owns his properties. He told me they are all in his name and he owns them free and clear. He was under the impression that having a $3M insurance policy would suffice, but I told him that EVERYTHING he and my mother owns is at risk given any litigation against the two of them. As I'm sure many of you would agree, I recommended that he explore setting up an LLC and get the rental unit and 2nd home into it (the second home because they're always partying with guests out there).

He agrees with this assessment and is eager to get an LLC formed in NY and the deeds transferred over to it. Since I am not familiar with the NY area, I was hoping to find him an attorney to speak to regarding his needs, which I believe are as follows;

- Determine if he should put these properties in 1 or 2 separate LLCs

- Determine which type of LLC would suit his needs best

- Start said LLC/s in NY (and handle the publication requirements)

- Quit claim the deed from his name to his LLC

- Steer him right in determining other needs in terms of opening a business bank account, adjust insurance policies, etc

Does anyone know a suitable candidate to help my father out in this endeavor?  Much appreciated as always.

Steve G