assets
How To Qualify For A Mortgage On A Fixed Income
Q: I am a retired 63 year-old with a combined income of $37,000 annually. My wife will begin collecting an additional $704 per month in Social Security starting this November. We both have excellent credit scores of 800. Here’s our …
How Does Probate Work Without A Will?
Q: What happens, if a person passes away and no one files probate because the estate has no assets? Do any of the deceased relatives become liable for taxes owed by the person that died? Would the relatives have to …
How To Negotiate Wage Garnishment
Q: My wife has had a wage garnishment made against her for a debt she knowingly owes of about $4,000. An independent company (an ambulance chaser of sorts) bought her debt from the bank and allegedly sent her a letter …
Investment Properties Have Fewer Refinance Options
Q: In the summer of 2006 I bought a condo in Las Vegas with a friend. At the time, we were both successful online poker players and we were spending a lot of time in Las Vegas for live tournaments. …
Estate Planning: Dividing Assets Between Adult Siblings
Q: My parents died and had a will in place. I would like to know what option we have to sell the assets of my parents’ estate and dividing the money among the siblings. They died over two years ago, …
When Is Probate Not Necessary
Q: My father passed away a year and a half ago with few assets other than his home. I am executor of his will. He left me his house and all his personal effects but the will stipulated that his …
Walk Away or Stay? Strategic Default is a Personal Decision
I received yet another letter from a homeowner struggling to decide whether to do a strategic default, and leave the house he loves or to stay in a neighborhood that is now in a serious downward spiral. I’m printing the …
Buying a House with No Income
Q: I am 66 years old and I bought my existing two-story home in November 2007 for about $235,000. The outstanding mortgage balance is $180,000. I wish to move to a single story home of similar value, but I do …
Ilyce Glink Show – Tax Tips, Credit Trends and Best Index Mutual Funds – March 20, 2011
Tax Tips, Credit Trends and Best Index Mutual Funds on the Ilyce Glink Show March 20, 2011 In addition to speculating on the economic fallout from Japan’s natural disaster and nuclear crisis, we received calls asking for tax tips, credit trends and the benefits (if there are any) of a mutual fund wrapper. IRS publication 544 talks about the Dispossession of Assets and long-term capital losses and when you can take them. We looked at whether the US is at a credit/debt tipping point and what that means. Finally, we talked about why it’s almost never worthwhile to pay for a Mutual Fund Wrapper. Get more information and links at Ilyce’s blog.
Responsibility to Mortgage After Death of Spouse
Responsibility to mortgage after death of spouse is circumstantial. The responsibility to a mortgage after the death of a spouse depends on if the surviving spouse has their name on the mortgage title. Work with a real estate lawyer after the death of a spouse to decide responsibility to the mortgage loan and answer common questions after the death of a spouse like: how does the death of your spouse affect your mortgage and should you pay your spouse’s mortgage debt after his or her death?
