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 get separated one of the spouses may sign a quit claim deed giving up rights to real estate. Because of the quit claim deed, it's less likely that the property will be considered a marital asset by the courts. The signing of the quit claim deed gives the spouse who now owns the property a good case for saying that it belongs only to him or her.
As parents age they may want to transfer the title of a property to their offspring. How does a property transfer affect Medicare benefits? There may be a better way to achieve the goals aside from a property transfer.
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.
The Medicaid lookback period is 5 years. Any changes made to assets within 5 years of applying for Medicaid could come back to haunt you. Medicaid creditors are able to look at any transfers of property made during that time.
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 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.
When you own a home with a partner who has children from another relationship you may be wondering how to protect your assets. While it's good to buy a home as joint tenants with rights of survivorship, a will can ensure that your property inheritance desires are met. Estate planning, including a will, can protect other assets as well.
When you buy rental or investment property you want to protect yourself from lawsuits. If you set up a limited liability corporation (LLC) for each of your properties will that protect your assets from lawsuits? Not necessarily. Learn how a lawyer might still be able to successfully sue you as a landlord even if you have set up LLCs to hold your rental properties.
When families own property together and some of the owners pass away it means that the remaining owners likely have to split up ownership of the investment property. In order to make the division of this investment property inheritance fair, the owners who want to be bought out should receive their fair share. Those who wish to keep interest in the investment property should pay what they owe. After the ownership issues of this investment property inheritance have been resolved, the family must come together again to determine how the investment property will be maintained.