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.
Do you need to renovate an old inherited home before selling? The first step to deciding involves speaking with a local real estate broker to lay down the numbers. Q: Our sister recently passed away leaving the family home that mom left her six years ago. She had no will and left outstanding debts as [...]
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 [...]
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.
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 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 will?
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 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 property is how many and which family members may be interested in the property.
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 versus using a quit claim deed. And discover what role the executor plays in the transaction.
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 transferred to her during probate.
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 repaid, it would be distributed according to the terms of the will.