This person wants to use their Power of Attorney to execute a quit claim deed and gain ownership of their mother's home to avoid the home being used to pay for nursing care. The government can trace transactions such as a quit claim and this one could be seen as fraud. A real estate attorney can help figure out if there is a way to structure the transaction to help the mother pay for her nursing care.
A soon-to-be-wed couple both own their own homes. They would like to sell his home to his adult child and put both their names on her home. They may run into many issues with taxes, equity, and inheritance. When they merge two families and each of them have children, they may need to determine how they want their assets to be split up in case something should happen to either of them.
When you're trying to improve your personal finances, every penny counts. Savings on gas can add up, and there are some simple steps you can take to lower your gasoline bills. These tips on driving more efficiently and maintaining your car are easy to implement and may save you hundreds of dollars.
When you're planning your estate there's lots of factors to consider and federal tax law tends to change annually so it's important to be aware of what limits apply to the years you're interested in. In addition to federal taxes you'll want to take into account state taxes and capital gains taxes. An experienced estate attorney can help you navigate through estate planning regulations to successfully secure your estate.
When you put a property in a revocable trust, you also need to be sure the title insurance policy coverage is changed. Title insurance assures the lender that you own the home free and clear, with no liens on it. When a home buyer sells the property, the subsequent buyer should buy his or her own title insurance.
Estate planning is crucial to ensuring your family's safety upon the death of a family member. When you live in a home but your name is not on the home's title you risk losing that home if the people who are on the title decide to ask you to move out. When property is co-owned with family members, it's important to structure property ownership in a way that protects you in case they pass away.
When your family owns several real estate investments, it's important to do thorough estate planning so that the wishes of those who own the properties are met. How can you balance a property that needs repairs with ensuring an elderly relative's medical costs are still met? An estate planner can help decipher the tax laws and help make good decisions for the property owner and the children who stand to inherit the home.
An installment purchase of a home is a process by which you sign a contract to buy a home over time. The seller keeps the title to the home and when you fulfill the requirements under the contract, the seller is supposed to transfer the title to you. To protect yourself with an installment contract for a home, you need to make sure the contract has protections for you as the buyer.
These home buyers wonder if they can cancel a contract with a builder because the builder's affiliated lender is moving too slow. The buyers will have to look at the details in their contract to determine if they can cancel it. Most contracts would require you to give the sellers written notice that you didn't get financing and tell them that you are terminating the deal.
One way to set up a real estate business is using a limited partnership, corporation or limited liability company (LLC). For real estate purposes, most people agree that a limited liability companies gives its organizers the most flexibility in terms of structure and for income tax purposes. An LLC shields its members from claims from creditors and litigation matters and permits the tax benefits of the LLC to flow directly to its members.
