Legal Question in Real Estate Law in New York

As an owner, you risk a lawsuit if a Tenant is injured and the owners are sued,

In addition, the half you are receiving from your mother as a gift will have a tx basis of the amount she paid for it when she bought the property, as opposed to the stepped up basis at death, should you inherit the property.

A living trust does not shield you from personal liability, it only avoids the expenses of probate.

If you wish to avoid personal liability beyond the value, of the house, you need to form a corporation and deed the house to the corporattion.