Estate planning includes all the planning that’s involved for setting up a will, a trust and making sure that your assets go to the people or organizations that you want to have them. Estate planning is complex — you should consider taxes when making plans for your assets to go to your heirs. If you don’t do estate planning you risk having your belongings managed by the state where you live, and your state’s laws may not match exactly what you want. Estate planning is especially important in blended families.
Can You Have Three Joint Tenants With Rights of Survivorship?
Can you have three joint tenants with rights of survivorship? This reader wants to know if it’s legal to add a third person to the title of their home. Q: There are two of us on the title of a home. We own the home as joint tenants with rights of survivorship. Is it legal [...]
Should I Amend My Living Trust When I Buy More Property?
Should I amend my living trust when I buy more property? This reader moved and purchased two new properties since they last amended their trust in 2006. Q: I live in Florida and have a living trust which was amended in 2006. My daughter is my only heir and has now married. I have moved, [...]
What Happens If My Husband Dies and the Title Is Only in His Name?
What happens if my husband dies and the title is only in his name? This reader is on the mortgage but not the title and hasn’t had any luck fixing it. Q: My husband died in 2013. After his death I learned that the title to our home we purchased when we got married was [...]
What to Know About Transferring Property to Beneficiaries
What to know about transferring property to beneficiaries. This reader wants to know if it’s better to transfer the title or go through probate. Q: I’ve enjoyed reading your recent article in our local newspaper on the differences between using a will and a quitclaim deed in order to pass property to heirs or family [...]
Does a Quitclaim Deed Override a Will?
Does a quitclaim deed override a will? This reader wants to know which document is used to determine who inherits the property of a friend who passed. Q: My friend filled out a will before she married her last husband. She owned a house and when she married she did a quitclaim deed with her [...]
How Do You Change A Deed from Tenants in Common to Joint Tenants?
How do you change a deed from tenants in common to joint tenants? This homeowner also wants to know if it will trigger any adverse tax consequences. Q: My wife and I purchased a home over 40 years ago. The original deed is titled as John Smith and Sally Smith. This defaults to tenants in [...]
Revocable vs Irrevocable Trust: Which is Better
Revocable vs irrevocable trust: which is better. The difference between revocable and irrevocable trusts and the purpose each serves in estate planning. Q: I am divorced and have two grown daughters. I am placing my house in a trust. My attorney is recommending an irrevocable trust. Which do you prefer, revocable or irrevocable and why? [...]
What Happens When You Sell a Property in a Trust?
What happens when you sell a property in a trust? This reader wants to know about the $250,000 gain exclusion and other tax implications. Q: My wife passed away this past year and our home is titled in her trust with me as trustee and my children as beneficiaries upon my passing. Is my cost [...]
How to Avoid Paying Capital Gains Tax on Inherited Property
How to avoid paying capital gains tax on inherited property. Minimize the potential tax consequences of transferring property from parent to child. Q: I have a question about a recent answer you gave to a reader. The question relates to a daughter that acquired her share of the home from her mom while her mom [...]
How to Leave Property to a Child
How to leave property to a child. This reader wants her daughter to inherit her home, but doesn’t want her to have to go through probate. Q: I am a 77-year old widowed woman. I have a house with a mortgage that I purchased a little over a year ago. At the closing, I asked [...]