What happens when you inherit a fraction of a property? How can you work with the other heirs in a buyout of the inheritance? Determining a fair price for inherited property can be tricky in an iffy real estate market.
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With inherited property, tenancy laws may vary from state to state. In some states, you can choose tenancy-by-the-entirety. It isn't available everywhere, but in some cases the outcome is essentially the same as joint tenancy with rights of survivorship
Happy Memorial Day! Join the Ilyce Glink Show for another take of her interview with Sergio Palleroni, sustainable design expert and architect as they take your calls on how to reduce your environmental footprint.
Mortgage companies have made it difficult, if not impossible, to tell what's a true cost and what's a junk fee. Home buyers are being charged for things that should be included in the profit the lender is making. Lenders have tried to counter the closing cost discussion by introducing mortgages that are "zero closing cost."
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A homeowner is thinking about paying off his mortgage before he retires later in the year. Refinancing the mortgage would be better due to the large tax bill he would have to pay to remove money from his retirement account. A fee-only financial planner can help work out how to best pay off the mortgage and discuss the impact of the interest deduction on his income taxes by keeping the loan, the costs in terms of income taxes paid by him for withdrawing the money from the pension plan, and planning for his retirement.
