Trusts Articles and Videos - Page 2

A woman getting divorced says her ex-husband is buying her share of their home through a quit claim deed and will refinance the home. Ilyce advises her to put the quit claim deed in trust until she gets the money from her ex-husband. Otherwise, the woman may not see the cash after handing over the…

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…

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…

When your parent wants to put your name on the title to his or her home, what's the best option? Is a trust or a quit claim deed the better way to go? A living trust is better than a quit claim deed because of the cost basis of the home. Cost basis is the property value that's used to calculate…

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…

Today on a special July 4th edition of the the Clark Howard show, Ilyce Glink filled in. Ilyce talked about how another 2.3 million consumers had their personal financial information poached and what companies are doing to cope with the fallout. Several listeners called in with credit and identity…

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.

Setting up a trust for inheritance purposes ensures that assets are divided the way the deceased person wanted. A trust can also help save on inheritance taxes. Upon death, the assets in the trust are divided up among the beneficiaries.

When you inherit property, it is inherited at its current market value. An estate will usually pay any federal estate or state taxes owed on inherited property. It may also be beneficial to leave it in the trust.

When you're married it's important to understand who owns what and how property is divided up. Understanding the way assets are owned is even more important if you've got a prenuptial agreement. If you later get a divorce your prenuptial agreement will determine how the court divides assets.

I've discovered a great new website with updated information on issues relating to elder law, such as wills, trusts, power of attorney for health care and financial matters, Medicaid. Check out www.elderlawanswers.com.

Another great place to go is www.AARP.org.

If you're looking for an estate attorney…

I'm often asked who gets what if someone dies "intestate," that is, without a will. If you die without a will, a judge in probate court will decide who gets your assets. A new website gives you a basic understanding of who gets what. Check it out at www.mystatewill.com.

January 15, 2007

A living trust many be the best way to pass on property that you have inherited. If you don't have a trust or will documenting how you want things passed on, the laws of your state will prevail.

Designating children as beneficiaries to brokerage and bank accounts can lead to difficulties. Minor children can't inherit cash. You need to have the cash and financial assets in a trust with a trustee (and backup trustee) named until they become of legal age, or until you feel they are old enough…

Carol called the show today to ask my advice about cash from a 401(k) that she would be receiving in her divorce settlement. As the conversation progressed, I learned that Carol has Stage 4 cancer (they're trying to figure out if it has gone to her lungs yet), and a 12-year old disabled daughter…

When your spouse dies with credit card debt, is it your responsibility to pay it off? It depends on whether the person who died had an estate with money to pay off the credit cards. If the deceased did not have an estate to pay off the debt it may fall to the spouse, depending on whose name was on…

When you lose your spouse and your spouse did not have a will it may make transferring assets such as a home confusing. Estates without a will have to go through probate, which can take some time. Learn how to clear up the ownership of a home and provide your children with clear legal ownership if…

When you put a property in a revocable trust, you also need to be sure the title insurance policy coverage is changed. Title insurance assures the lender that you own the home free and clear, with no liens on it. When a home buyer sells the property, the subsequent buyer should buy his or her own…

When your family owns several real estate investments, it's important to do thorough estate planning so that the wishes of those who own the properties are met. How can you balance a property that needs repairs with ensuring an elderly relative's medical costs are still met? An estate planner can…

Should you get involved with a real estate investor you've met over the internet? Ilyce shares some words of caution and suggests a safe next step for getting into the real estate investment business. One of the most important things to do is check out a person you're interested in investing into…

When you're buying property from a family member and don't want to incur a lot of taxes, what can you do? Should the property be put into a trust or should the deed be transferred into the new owners' names? One option is to do a seller financing deal, where you pay your family member as if he or…

When you sign a quit claim deed you give up your rights to ownership in a property. If you're on the mortgage for that property you're still liable for mortgage payments. If you're on a mortgage and someone else agrees to make payments and then doesn't it will affect your credit score.

Ilyce opens the show with comments about a recent Alan Greenspan speech about housing prices and possible housing bubble. Ilyce then takes calls and discussion topics including what to do when you have problems renting out a property to pros and cons of real estate investment trusts or REITs.

Ilyce kicks off the show talking about taking significant amounts of time off to travel around the country or around the world. Ilyce then takes calls on the topics from finding a financial planner to take an investor's "small" account to when should some get a trust to protect assets for a child.

When a family member wants to bequest property to another family member you need to do estate planning. If the property owner has liens against her property, that is she owes money to creditors who want to be paid when the property is sold, then the new property owner may be liable for those debts…