trusts
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 …
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 …
Set Up A Trust For Real Estate To Protect Ownership of Home
Set up a trust for real estate to protect ownership of home for inheritance by beneficiary. Protect ownership of a home for beneficiary upon inheritance by setting up a trust for real estate. A real estate trust can protect ownership of home for inheritance by beneficiary. Consult with a real estate attorney on how to set up a trust for real estate and protect ownership of home for beneficiary and inheritance. Estate planning includes inheritance issues like protecting ownership of home for beneficiary by setting up a trust for real estate.
Quit Claim Deed, Not Living Trust, Transfers Property Title
Quit claim deed, not living trust, transfers property title of home. The transfer of a property title is made with a quit claim deed, sometimes a living trust. A living trust does not always transfer a home’s property title. Use a real estate attorney or estate planning attorney to see if quit claim deed or living trust transfers the property title of a home.
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?
Quit Claim Deed vs. Living Trust
When deciding how to pass on property to loved ones, there are many choices. You can transfer property now using a quit claim deed. You can transfer property later using a will. Or, you can place your property in a living trust now and set forth your wishes for the disposition of your property in the trust. The living trust can then dispose of your assets upon your death avoiding probate court requirements and you can control the property you own while you are living.
$8,000 First Time Home Buyer Tax Credit Rules Regarding Relatives And Trusts
$8,000 First Time Home Buyer Tax Credit Rules are quite specific and can be complicated. There are specific first time home buyer tax credit rules regarding who can receive the tax credit and what purchases qualify for the tax credit. The $8,000 first time home buyer tax credit rules are very clear in that any purchase made from a close relative cannot qualify for the $8,000 first time home buyer tax credit. There are other $8,000 first time home buyer tax credit rules for income restrictions and personal residences. However, the $8,000 first time home buyer tax credit rule regarding purchasing from relatives is very specific and cannot be avoided.
Revocable Living Trust Causes Confusion For Beneficiaries
A revocable living trust causes confusion for the beneficiaries. The settlor of the trust, or the maker of the trust, wanted to divide his assets equally among his children after his death. Now the beneficiaries of the trust, which include the trustee of the trust, don’t know how to divide the revocable living trust and want to use a quit claim deed to solve their problems. An estate attorney can help decide how to divide the assets from the revocable living trust among the beneficiaries.
Inheritance Taxes Depend On Estate Structure
When you receive an inheritance, you may be wondering how it will be taxed. The amount of taxes you pay depends on the total amount of the estate: if it’s less than $3,500,000 then you won’t have to pay federal estate tax. Inheritance taxes also depend on the structure of the assets; investments held outside of a retirement account, for example, aren’t taxed until you sell them. Learn how having property in a trust may help you to avoid probate.
Keeping Property Or Assets When You Owe Money To IRS
If you owe money to the Internal Revenue Service and you want to buy property can you get a family member to be the buyer using your money? And can that family member later give you the property via a quit claim deed? Trying to get around paying back the IRS or protecting assets from the IRS can be a messy business – it can result in you being charged with a crime. If a family member wants to transfer a property to you upon his or her death (and you didn’t contribute to the purchase), a trust may be the way to go.
