If you own a New York yellow taxi cab medallion, it is a valuable asset that you want to leave to your family after your death. Taxi Medallions in New York are usually owned through a corporation or an LLC, and managed by a management company. A New York probate and estate attorney can assist you with your estate planning including the preparation of a will.
What Happens to an NYC Taxi Medallion After My Death?
If it is a personal medallion, it can be operated by a guardian or an administrator or executor of your estate for up to 120 days after your death under New York law. The personal representative must provide the New York City Taxi and Limousine Commission with a certified copy of a decedent’s death certificate, copy of the will and letters testamentary authorizing the personal representative to act on behalf of the estate. After 120 days, the personal representative must apply for approval for a taxicab license to continue operating the taxi medallion if qualified or the taxi medallion must be transferred to a qualified operator.
A corporate medallion will usually continue to be operated the way it was, with the management company being advised to direct the income to the estate until the shares of the corporation are transferred to the new owners.
A New York probate and estate attorney can assist the personal representative of an estate with the subsequent transfer of the taxi medallion after a decedent’s death and with other estate matters.
Albert Goodwin, a New York probate and estate attorney represents estates, executors, administrators, beneficiaries, heirs and other parties that have an interest in a New York estate in connection with estate and estate tax matters.