How to Manage a Life Estate
How to manage a life estate: This older form of transferring an estate can cause a lot of confusion. Here’s what you need to know about your obligations. Q: My dad quit claimed his house to me but if he wants, he can live there his entire natural life. Does that mean I own the [...]
How to Sell Your 1031 Exchange Inheritance
How to sell your 1031 exchange inheritance in order to avoid complications with taxes after the sale. Q: I have inherited a 1/3 interest in a property that is part of a 1031 exchange. The total value of the property is being split between 3 heirs and is worth about $150,000. Is there any way [...]
Millennials, Money and Mortgages
When it comes to money, Millennials are doing better than many people think. And yet the vast majority are still fretting about their money, even as the oldest part of the cohort has begun applying for mortgages. Let’s start with money. Millennials (age 23 to 37) are saving money. There’s no doubt about it. Nearly [...]
What Happens to My Timeshare After My Death?
What happens to my timeshare after my death? Scammers will try to convince you that your children will be responsible, but is that really the case? Q: I just read your article about considering fees and finances before inheriting a timeshare. As a timeshare owner who cannot sell or give his timeshare away (because, as [...]
Is an Inspection Required When a Home is Gifted to You by a Relative?
Is an inspection required when a home is gifted to you by a relative? This reader wants to know if she should get an inspection on the home that was gifted to her by a relative. Here’s what I suggest. Q: If a home is gifted to an adult child, does it need to be [...]
Ex-Spouse Can’t Pay Mortgage – Now What?
There are friendly and not-so-friendly divorces. But if your ex-spouse can't pay the mortgage because he lost his job, should you step forward and offer to pay off the remaining amount and give him the house just to be completely done? What's the price of being done? What would you do? Q: I have been [...]