Assets are everything that you own that can be used for the payment of debt. Assets could include cars, a house, land, bank accounts, stocks and bonds, even items like furniture, clothing, jewelry and collectibles. To calculate net worth, subtract everything you owe from the sum total of your assets. Learn more about your assets and what they mean in different transactions on this page.
When you own commercial real estate with a former spouse and decide to remarry it may require clarifying the assets you hold. To resolve who's liable for paying the mortgages, it may mean signing a quit claim deed or other documents. But before signing anything about your commercial real estate holdings, you should consult with an attorney to understand what you're signing. And before getting married, inquire about a future spouse's financial obligations.
If an elderly relative owns a home and quit claims it to you before going into a nursing home the home may be at risk for the Medicaid lookback rule. The Medicaid lookback rule may allow the government to try to recover medical costs by selling an asset such as a home. How does Medicaid treat quit claim deeds? Discover what documentation to gather to protect the home.
Today on the Ilyce Glink Show, Ilyce talked about Integrity Bank, the Alpharetta, Ga.-based bank that failed on Friday. It was the 10th bank to fail this year. Regions Financial Corp has assumed the assets of Integrity Bank and all of its 5 branches will reopen on Tuesday as Regions Bank branches, according to the FDIC. Ilyce answered questions about CDs held by Integrity and also how to find out ratings information on banks. She also talked about the skyrocketing numbers of mortgage loan fraud that took place in the second quarter of the year, and answered questions on credit card debt charged up by an ex-spouse, whether it's a good idea to finance the purchase of a new car using a check from a credit card company, how to calculate the profit from the sale of a personal residence, whether "subject to" contracts are a good idea, whether a VA loan is better than a conventional mortgage and how to talk to a 93-year-old dad about his assets. For show notes and updates through the week, check out her blog at www.thinkglink.com/blog , and sign up for her free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. And be sure to subscribe to her YouTube channel.
A woman writes saying she was the personal representative for her son's father's estate. She does not live in the area of the estate and the judge removed her as personal representative. She feels the judge was not impartial in changing the personal representative for this estate settlement. She wants to know her legal rights concerning who is the personal representative for this estate settlement.
When you sign a quit claim deed you relinquish ownership rights to a property to another person. If that person has you as the heir in his or her will you should get the property back. If you're not listed in the will, then the quit claim deed stands and the property goes to the heirs named in the will. To sort this out you'll need to review the quit claim deed and the will and possibly contact an estate attorney.
A daughter asks about her father's eligibility for Medicaid after he transfers his home to her. Will his eligibility for Medicaid be affected by the transfer of his real estate wealth? Find out about eligibility for Medicaid and the Medicaid lookback period.
When you inherit a home from a family member, should you keep it or sell it? What can you do with a home inheritance if selling isn't an option? Does a deed in lieu of foreclosure or a foreclosure make sense? To keep the home, you'd need to keep paying the mortgage, taxes and insurance.
When you're about to get married and either you or your future partner has a lot of assets, you may want to sign a prenuptial agreement. If you're buying property prior to getting married, you may want to set up a partnership agreement that outlines the responsibilities of each partner. Prenuptial agreements and partnership agreements can protect people involved in real estate transactions.