Estate Planning

Estate planning includes all the planning that’s involved for setting up a will, a trust and making sure that your assets go to the people or organizations that you want to have them. Estate planning is complex — you should consider taxes when making plans for your assets to go to your heirs. If you don’t do estate planning you risk having your belongings managed by the state where you live, and your state’s laws may not match exactly what you want. Estate planning is especially important in blended families.

Inheriting a Timeshare: Should You Sell It?

Inheriting a timeshare and wondering if you should sell it? Check with an estate attorney to see if you can sell the timeshare. By: Ilyce Glink and Samuel Tamkin Q: I just read an article from 2011 on thinkglink.com where …

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How to Protect Your Property From Lawsuit

When thinking about how to protect your property from a lawsuit, you might want to consider setting up a trust. Q: I bought my house 20 years ago and today it is worth $300,000. I owe about $150,000 and have …

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Using a Quitclaim Deed to Avoid Taxes

A quitclaim deed conveying the title of a home to a living trust can result in a stepped up basis when selling the home, but if it is unrecorded it likely will not be of any help. Q: In response …

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Lowering Your Capital Gains Tax: Home Improvements

Making home improvements can lower your capital gains tax, but that may change in 2013. Q: In 1975, my parents built a four bedroom house on Cape Cod and they put my name on the deed with theirs. My parents …

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Removing Someone From Home Deed

Removing someone from a home deed can be tricky and expensive. Find a real estate attorney to discuss your options. Q: When mom paid off her home years ago, she put the deed to her home in my sister’s and …

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Problems with Transferring Trust Property

Transferring trust property with a 1031 tax exchange must be done carefully, or the beneficiaries could lose their inheritance.  Q: My father recently passed away. He had a trust and in that trust he listed a property for me and my brothers …

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Changing Revocable Trust Not an Option After Death

Changing revocable trust isn’t an option after death, but trust beneficiaries should look into their rights and compromise on disagreements. Q: I read a few articles on your website regarding living trusts and life estates, but my issue has an …

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How to Divide Inherited Property

If you inherit property with siblings or other family members, there are ways to divide the real estate inheritance without resorting to a lawsuit. Q: I have an interesting situation. My aunt recently died and left behind an estate which …

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Tax Implications of Inheriting a House

Q: My husband is 85. He is on 100 percent VA disability, plus homestead exemptions. Our home is paid for, and due to the exemptions we pay no taxes on it. If we deed our home to our children, but …

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Update Your Will For Proper Estate Planning

Good estate planning requires you to update your will to make sure your wishes are met and your heirs aren’t left wondering whether your wishes were satisfied. Q: Our mother passed away quite suddenly. She had her old will out …

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