Currently, inheritance of a certain amount or value is subject to an inheritance tax. However, these regulations are changing. Look here for more information about when inheritance tax applies and any changes in the law.
You inherit a real estate development and think you've received a windfall. But a badly constructed development that doesn't anticipate expenses can cost you more money than it's worth. That's what happened to one family, and their wondering how to turn a money-losing situation into something that's at least breakeven. Q: My husband inherited a [...]
When someone passes away without a will, it’s difficult to determine who the deed will be transferred to. Q: My aunt left me her house when she passed away but she didn't have a will and we didn't have any papers signed to state that she wanted me to have it. She told my cousin [...]
This reader wants to know how they can get out of inheriting a property that has a mortgage. Here’s what I suggest: Q: I have inherited a 25 percent interest in a home along with three other siblings. I do not want my 25 percent and want to execute a quitclaim deed to my other [...]
When it comes to selling an inherited home, especially if it is out of state, consider how it will impact your taxes. Q: We live in North Carolina but I also own a home in New York City with my four siblings. We inherited the home from our parents and now each of us own [...]
Gifting a house to a relative will affect your income tax and real estate property tax. Know the consequences of gifting vs. inheriting. Q: I thought you might have said on your radio show that you didn't advise giving a home away. My uncle is thinking of giving me an old house, but I didn't [...]
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 includes a luxury condo in Illinois. My aunt had no family of her own, and [...]
It's better to inherit property from your parents or family members rather than receiving it through a quit claim deed. The tax implications of receiving a property through a quit claim deed are much greater than inheriting a property. When estate planning, it's better to put the property in a will or trust, rather than transfer the property through a quit claim deed.
Inheriting timeshares and how to avoid an inherited timeshare. As part of estate planning, inheriting timeshares should be considered in order to avoid undue hardship. There are many benefits and obligations associated with timeshare ownership and inheriting timeshares. Fees and maintenance can make executors want to learn how to avoid an inherited timeshare. Passing property ownership through estate planning can make inheriting timeshares a burden depending upon the executor's wish to avoid an inherited timeshare.
When you inherit property with a mortgage, paying off that mortgage loan is the responsibility of the estate, not the heirs. If the estate lacks the money to pay off the mortgage and the bank decides to foreclose, it should not negatively affect the credit histories of the heirs. While the heirs could do a deed in lieu of foreclosure with the mortgage lender, that action would not affect the original mortgage loan whose non-payment triggered the foreclosure to begin with.