This reader needs to determine who in their family will receive a property tax deduction, since the ownership of the home is unclear. 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? [...]
Unlike for cars, states do not issues titles for property. The title you received when you bought your home proves that you own it, no matter whether it's a warranty deed, special warranty deed, trustee's deed or quit claim deed. When you pay off your mortgage you own your home in full and your lender removes its lien on your property.
What are the differences between a revocable living trust and a life estate deed. Life estates are quite different from a revocable living trust. The trust would name a beneficiary for property and the property would go into the trust. The life estate deed means you're given or sold property but allow someone the right to occupy it while she's still alive.