What you need to know about paying taxes on a home sold after a spouse’s death. Q: Just finished your awesome article on computing tax due on the sale of the primary home when a spouse passes. I just had a quick question. Let’s say a spouse passes on March 01, 2017. The first thought [...]
Do you need to renovate an old inherited home before selling? The first step to deciding involves speaking with a local real estate broker to lay down the numbers. Q: Our sister recently passed away leaving the family home that mom left her six years ago. She had no will and left outstanding debts as [...]
Should you have a transfer on death deed, a living trust or both? For this reader, it may be best to pursue all options available to them. Q: My father signed a quit claim deed in 2008 for my mother to be sole owner of their mobile home. Now, in 2018, she put him as [...]
Estate planning and capital gains taxes: What you need to know before selling high value property that could be inherited. Q: My parents are elderly and live in Virginia. They own a rental house in California. Since they bought it, the home has increased greatly in value to about $1 million. They are trying to [...]
What happens when property is promised to you but not written in the will? Depending on how the will is written, you may be out of luck. Here’s what you should know. Q: My father told my dying sister her husband would receive her portion of his estate, including his house, in the presence of [...]
We recently received a letter in response to one of our readers who wondered whether the timeshare owned by a parent would become the reader’s responsibility after the parent’s death. This is what this person wrote (The letter has been edited for clarity and space). Q: You recently ran an article from a reader who [...]
What happens if there’s no will? Homeownership and property taxes are two key issues to sort out if someone dies intestate (with no will) but has real property. Q: Does a family member or friend have to start paying property taxes after the owner of the house (who was over 65) dies in order to [...]
When someone passes away without a will, it’s difficult to determine who the deed will be transferred to. Q: My aunt left me her house when she passed away but she didn't have a will and we didn't have any papers signed to state that she wanted me to have it. She told my cousin [...]
When it comes to joint ownership and estate planning, it's important to understand whether you own the property as tenants in common or tenants with rights of survivorship. Q: I have a question. My brother and I got an apartment together nine years ago. We are joint owners. He was never married but has four [...]
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 [...]
