Consult Attorney To Document Property Ownership
When elderly parents own a home and one of them passes away, it may put the home's ownership into question. How can the surviving parent and children ensure the home ownership is fair? Consult with an attorney to document the home ownership in a way that takes into account all family members.
Green Consumer Demographics: Which Homeowners Green Their Homes?
Green consumer demographics fall into three categories. Green consumer demographics include being thoughtful of the environment, dilettante green consumers and green consumers who want a return on their investment. Green consumers also tend to be a younger demographic.
Inherit Property Or Buy Outright?
Is it better to inherit property after someone's passing or buy it outright before? There are benefits to both inheriting property and buying it outright.
Estate Planning Includes Assets Transfer And Medicare
As parents age they may want to transfer the title of a property to their offspring. How does a property transfer affect Medicare benefits? There may be a better way to achieve the goals aside from a property transfer.
Determining Taxes For Inherited Property
A man inherits a home from his father with his stepmother as the life estate beneficiary. The man buys out his stepmother's life estate. The man's wife wonders what amount to base taxes on upon sale for the inherited property.
Property Transfer After Probate
When someone dies without a will the estate of that person goes through probate according to state law. How can family members enable a home sale when the legal status of a relationship is unclear? Hiring an estate attorney can help sort out such a property transfer after probate.
Calculate Capital Gains Taxes Instead Of Inheritance Taxes
When you inherit property and later sell it, you need to calculate capital gains taxes, not estate taxes. Estate taxes are due on estates of a certain value and if the estate's value is less than the government standard, no taxes are due. To figure exactly how much you owe in terms of capital gains…
When government determines property ownership, it may miss land that's not listed on tax rolls. When that happens, the property's ownership may remain unclear. In this case, land owned by an estate was left out of a trust. The estate's trustee now wants to put the land back in the trust. How can the…
Attorney Can Help With Title Problems
A property deed may list several people as co-owners. What can you do if some of your co-owners want you to leave the property after someone passes away? This involves not only real estate title issues but also estate planning concerns. Contact a real estate attorney for help.
A home buyer wonders whether to hire a buyer's real estate agent. Some buyers think they can pay less without a buyer's real estate agent. Sellers pay buyer's real estate agents so there's little downside for a buyer.
Does Heir Pay Lien On Inherited Property?
A son inherited property from his father who had a judgment against him. A judgment may mean there is a lien on the property that the estate must pay. Generally, a lien does not go away when a person dies.
Life Estate Deed Contradicts Will
A mother's will outlined that her personal property would be divided equally between her two sons. One son later says he has a life estate deed that says he is the sole heir to the property. Finding out if the life estate deed is valid will determine if it trumps what was outlined in the mother's…
Name On Title But Not On Mortgage
Is it a big deal not to have your name on a mortgage? Not if your name is on the title to the home. Having your name on the title but not the mortgage ensures that you have property rights to a home but not financial responsibility. Regardless, you may decide to work with your partner to ensure that…
Quit Claim Deed May Not Represent All Owners' Interests
When you agree to pay property taxes you likely want property ownership as well. But be careful assuming financial responsibility when only one of multiple owners of a property asks you to. If one property owner quit claims his share of a property to you, you may find that you've invested a lot of…
Contract Terms For Buying A Home
Buying a home is a complicated process. Be sure to completely understand the contract and hire a reputable real estate attorney.
Estate Planning Helps Mitigate Inheritance Taxes
When you're doing estate planning you need to consider not only federal taxes but state taxes too. Some states tax estates at different levels from the federal tax rates and the states may not tie their estate taxes to the federal rate. It's important to consider estate tax rates to preserve an…
Owning Half Of Property Makes It Hard To Sell Home
The owner of a four-family house wants to sell his house. But he only owns half of the property. He wants to put the house up for sale. Can he convince his co-owner to sell the house?
Agent Required To Disclose Plans To Demolish Home?
A home buyer wonders if the listing agent had any duty to disclose that the expansion of a nearby highway will mean his house will be demolished.
Inheritance tax is usually paid by the estate. If the value of the estate is more than $2 million dollars, the estate will pay inheritance tax on the overage.
Estate Planning For Taxes Includes Property Inheritance
With estate planning you can either leave a property to heirs through a will thus creating an inheritance, or gradually give your family members shares of the property through gifts. From a tax perspective, giving property as an inheritance is better. Another factor to consider when bequesting…
Estate Planning Includes Determining Trustees
When parents want to bequest real estate to their children they may want to use a quit claim deed when a trust is the better option. When you set up a trust you have to figure out who will be the executor and who will be the beneficiaries. Learn about the benefits of placing a property in trust…
Brother Dies Without Will (Intestate)
A woman owns a home that was financed by her brother, who died intestate (without a will) and now she is worried she will lose her home. It's important to hire a real estate lawyer who can help prove that she had a valid contract to purchase the property. Then she should be able to get the title…
Settling Estate With Large Mortgage
When a person dies, all of the assets in an estate would typically be sold, and that cash would be used to pay off the person's creditors. Any financial assets in the estate would also be liquidated to pay off any remaining debt. If there is anything left in the estate after the debts have been…
Elderly Parent Uncomfortable With Changes To His Home
An elderly parent had his daughter's family move into his large home when he was ill. Now the daughter is making a lot of changes and he feels uncomfortable in his own home. The homeowner should begin charging rent and look over his will, powers of attorney and other estate matters.
Protect Assets With Estate Planning Including Will
When you own a home with a partner who has children from another relationship you may be wondering how to protect your assets. While it's good to buy a home as joint tenants with rights of survivorship, a will can ensure that your property inheritance desires are met. Estate planning, including a…
