THE SMALLEST PIECE OF REAL ESTATE IN NEW YORK CITY IS A PRIVATELY-OWNED, TRIANGULAR CONCRETE SLAB THAT BY POLICY…

Hess’s Triangle, also known as the “Triangle of Spite,” is a small plot of land in New York City. 

The story behind Hess’s triangle dates back to the late 1910s when New York City decided to extend Seventh Avenue and Christopher Street through the area.

In order to enlarge the streets and create new subway lines in 1910, the city condemned and destroyed close to 300 structures.

For his five-story apartment building, the Voorhis, David Hess fought the city to keep it. Years of resistance to eminent domain legislation were met with the eventual forced forfeiture of his land.  By 1914, all that was left of Hess’ property was a 500-square-inch concrete triangle.  

He was asked to surrender the tiny piece of concrete so that it may be used as a part of the public sidewalk as if his loss weren’t horrible enough already.

The plot was too small to build anything on, but Hess still had the legal rights to it.

Hess rejected the proposal out of spite. He had the triangle tiled in mosaic tiles with the inscription “Property of the Hess Estate Which Has Never Been Devoted For Public Purposes” on July 27, 1922.

Although passersby frequently step on the triangular mosaic, it acts as a continual reminder that Hess was not an easy target.

The triangle became a symbol of Hess’s defiance and remained as a reminder of the dispute between Hess and the city for decades.

Hess’s Triangle, about the size of a full pizza slice, is lying on the ground outside a tobacco store on Christopher and 7th Avenue.  Later, Village Cigars bought the Triangle in 1938 for $1,000.  The triangle is located at the intersection of Seventh Avenue South, Christopher Street, and Waverly Place in Manhattan.

Today, the triangle is mostly covered by the building adjacent to it. However, the mosaic still remains visible on the sidewalk, serving as a quirky piece of New York City history.

Here’s an interesting time to review:

How to Ensure Your Family Property Always Stays in the Family Trust

Ensuring the preservation of your family property within a trust is a strategic method of transferring assets while minimizing potential estate taxes and protecting against Medicaid estate recovery. By establishing an irrevocable trust with your children named as beneficiaries, the property is removed from your estate upon your passing, effectively exempting it from estate taxes. Additionally, placing the property in an irrevocable trust safeguards it from potential Medicaid estate recovery efforts.

The legal foundation for this approach lies in the Internal Revenue Code (IRC) and Medicaid regulations. Under the IRC, property held in an irrevocable trust is not considered part of the decedent’s estate, thereby eliminating the estate tax liability on the transfer. This provision allows for a smooth transition of property ownership to future generations while avoiding significant tax burdens.

Furthermore, the Medicaid program, which provides healthcare assistance to individuals with limited income and resources, has regulations in place to prevent individuals from divesting their assets to qualify for benefits. Medicaid estate recovery refers to the process where the state seeks reimbursement for long-term care expenses by placing a claim on the deceased individual’s estate. Placing the property in an irrevocable trust helps shield it from Medicaid estate recovery, ensuring that the asset remains within the family and is not subject to potential claims by the state.

However, it is crucial to consider the limitations associated with irrevocable trusts. Once the property is transferred into an irrevocable trust, it cannot be taken back out, although it can be sold. The proceeds from the sale must remain within the trust. Additionally, if you apply for Medicaid within five years of transferring the property into the trust, you may be subject to a penalty period during which your eligibility for Medicaid benefits may be delayed.

To determine the most suitable approach for transferring your family property, it is essential to consult with an experienced elder law attorney who specializes in estate planning. They will analyze your specific circumstances, taking into account relevant federal and state laws, including the IRC and Medicaid regulations, to guide you in selecting the optimal method to preserve your family property within a trust.

By working with an attorney well-versed in the intricacies of estate planning and asset protection, you can navigate the legal landscape and ensure that your family property remains securely within the trust, safeguarding it for the benefit of future generations.