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How to Determine Property Tax Deductions When Ownership Is Unclear
How to determine property tax deductions when ownership is unclear. It starts with figuring out who actually owns the property. Q: My grandma's house is in probate as she passed last year. Her grandchildren have been living there and paying the property taxes. Who gets the tax deduction for those tax payments? How to Determine [...]
How Do I Protect My Assets When Facing A Potential Liability Lawsuit?
When facing a potential liability lawsuit, it’s important to take immediate action to protect the rest of your assets. Here’s where to start. Q: My brother and I have owned a rental property together for more than 15 years. There is a current mortgage, and both of our names are on the mortgage and on [...]
How to Determine Taxes After Selling an Inherited Home
How to determine taxes after selling an inherited home. When selling an inherited home, especially if it's out of state, consider how it'll impact taxes. Q: We live in North Carolina but I also own a home in New York City with my four siblings. We inherited the home from our parents and now each [...]
What To Do About Equifax And Your Credit
This post was updated September 20, 2017 and September 26, 2017. See below for most recent news. With all due respect to those injured by Hurricane Harvey and Hurricane Irma, it's the question of the week: What should you do about Equifax and your credit in the wake of the largest credit breech in history? [...]
Objectivity Helps Divide Assets During a Divorce
During a divorce, it helps to stay objective. An emotional attachment to your assets isn’t always worth the financial burden of fighting to keep them. Q: I am a 60-year old female with a part-time minimum wage job and I just got served papers for the dissolution of a 17-year marriage. We have a beautiful [...]
Capital Gains Tax When You Sell Your House After a Divorce
After divorce, your capital gains tax burden on the sale of a property owed with your ex-spouse can be difficult to determine. Q: I separated from my husband five years ago, was divorced four years ago. As part of the divorce decree, he was to live in the house until both of our children went [...]
Resources for the Victims of Hurricane Harvey
Since Hurricane Harvey hit, the news coming out of Texas and Louisiana has been heartbreaking. Some people survived Katrina only to be caught up in another catastrophic storm, and others not only lost property, but family and friends as well. The victims continue to be in our thoughts and prayers. If you’re in a position [...]
Will, Living Trust and Power of Attorney: Which Do I Need?
A will, living trust and power of attorney are all useful documents to have in your estate plan. Which documents are right for you can depend on your situation and the size of your estate. Q: I would like to express my appreciation to you for your reply and guidance to a previous question some [...]
Chapter 7 Bankruptcy Won’t Release a Lien On Your Home
[amazon_link asins='1524763438,0812927427,0061944874,0812925319' template='ProductCarousel' store='thinkglink-20' marketplace='US' link_id='36d9a71b-d934-11e7-aeaa-1552dd5cb7bf']While Chapter 7 bankruptcy clears your obligations to pay debts that you owe, it won't clear a lien your lender has on your property. Q: I went through Chapter 7 discharge but the bank will not release the lien on my home. What can I do? A: There is at [...]
Estate Planning & Protecting Assets from an Estranged Spouse
In most states, estranged spouses are entitled to a portion of their spouse's estate. Protecting your assets, as in this reader's case, can be complicated but an estate attorney can help. Q: I was married in 2010. My husband left me in 2014. In 2015, I purchased a house. I have four daughters, none with [...]