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.
Structuring Your Inheritance To Avoid Conflict
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 to manage these resources appropriately. Leaving real estate to children can be tricky. It's expensive to own and maintain -- and they may not have enough income to keep the property going and they may not be living anywhere near the actual property.
Name Forged On Deed
A homeowner put her father in charge of her property and finances while she was incarcerated. During that time, the title to her home was changed to the father. When her dad "acquired" the property, he could only have obtained title in one of three ways and none of them would have been legal. Ilyce explains how titles are transferred and concludes that someone must have forged her name
Clearing Title Of Abandoned Property
A man owns property with his brother and wife. After his brother died, he never heard from his sister-in-law again. Now he has questions about home ownership. Ilyce explains that inheritance law will explain who owns the home and that he should check the abandoned property law in his state.
How To Find A Management Company For A Condo
Homeowners are members of a new condo association board. They are unhappy with the condominium management company hired by the developer. Here are some steps to finding the best management company for their new condominium building.
Mold Problems Kill Real Estate Deal
Mold problems can and should kill a real estate deal. A home buyer is in the process of buying a home that has problems - mold, termites and radon. After the seller fixed the problems, there are still extensive mold problems in the home.
Signing Home Over To Family Member
If a homeowner signs a home over to a family member, the original owner does not have ownership in the property and could not sell it. The new owner, upon selling the home, would be responsible for taxes and costs of selling the home. The new homeowner would also keep any profits from the sale.
Inheritance Taxes Paid Before Money Distribution
When you inherit money and get the actual money, the estate has already paid the inheritance taxes so you don't have to worry about that. It is a good idea to think of what you'll do with inheritance money or a real estate property inheritance ahead of time. What to do with the money has to do in part with how old you'll be when you get it.
Buying Property With Partner
A homeowner purchased a duplex with a partner and is now trying to figure out an equitable way to split expenses after the partner's fiance moved in. A partnership agreement should spell out the financial arrangement between the two homeowners. The partners should also change the ownership of the property to reflect the partnership agreement.
Housing Costs Go Up, Putting Credit At Risk
More homeowners are putting a higher percentage of their annual income toward their housing costs. The danger of higher housing costs, is that families who don't have enough cash to pay their bills at the end of the month will start playing games with the money in order to make ends meet. Don't risk your credit rating by making uninformed decisions.
Mortgage Lender Fraud
What is the best way to deal with your mortgage lender if you believe they have committed fraud against you? Mortgage lenders suspected of fraud should be reported to your state's attorney general's office and to your state's agency that commissions mortgage lenders. If you want to take the issue to a more public arena, report the fraudulent mortgage lender to the Better Business Bureau.