Currently, inheritance of a certain amount or value is subject to an inheritance tax. However, these regulations are changing. Look here for more information about when inheritance tax applies and any changes in the law.
How to Divide Inherited Property
How to divide inherited property. There are several ways to divide real estate inheritances without resorting to lawsuits between heirs. Q: I have an interesting situation. My aunt recently died and left behind an estate which includes a luxury condo in Illinois. My aunt had no family of her own, and left 40 percent of [...]
Tax Implications of Quit Claim Deed: Better to Inherit Property
It's better to inherit property from your parents or family members rather than receiving it through a quit claim deed. The tax implications of receiving a property through a quit claim deed are much greater than inheriting a property. When estate planning, it's better to put the property in a will or trust, rather than transfer the property through a quit claim deed.
Inheriting Timeshares: How to Avoid an Inherited Timeshare
Inheriting timeshares and how to avoid an inherited timeshare. As part of estate planning, inheriting timeshares should be considered in order to avoid undue hardship. There are many benefits and obligations associated with timeshare ownership and inheriting timeshares. Fees and maintenance can make executors want to learn how to avoid an inherited timeshare. Passing property ownership through estate planning can make inheriting timeshares a burden depending upon the executor's wish to avoid an inherited timeshare.
Estate Must Make Mortgage Payments, Not Heirs Of Inheritance
When you inherit property with a mortgage, paying off that mortgage loan is the responsibility of the estate, not the heirs. If the estate lacks the money to pay off the mortgage and the bank decides to foreclose, it should not negatively affect the credit histories of the heirs. While the heirs could do a deed in lieu of foreclosure with the mortgage lender, that action would not affect the original mortgage loan whose non-payment triggered the foreclosure to begin with.
Avoid Probate With Transfer On Death (TOD) Deed
A Florida homeowner asks how to avoid probate for her estate. She wants to leave her condo to her son but does not want him to pay probate costs. Can she set up a transfer on death deed so that her son avoids probate? Probate laws vary by state and so she should consult an estate attorney to better understand Florida probate laws.
Being Smart About Inheritance Funds
Making good financial decisions with an inheritance can have a major payoff. Using the inheritance to pay off debts and create an emergency fund is a good start. A 529 college savings plan can be used for the inheritance to be stocked away for college.
Inheritance: Refinance Parent’s Investment House with Kid’s Inheritance?
I got a call at the top of the show from a woman who wondered if she should use the $70,000 her kids inherited to pay off her investment property. She...
Power Of Attorney Does Not Control All Assets
A woman tries to reclaim assets after her father's death. Before dying he lived with his mother and gave her power of attorney to handle his affairs. The woman says her grandmother passed on a car and house when the father left them to her (his daughter). What can the woman do to get the car and the house back? What rights did the power of attorney give to the grandmother?
Today’s Callers
Today on the show, we took calls from: Linda about whether she should pay off her primary residence or retirement properties; Joe, who is 65 and his w...
Ilyce Glink on WSB Radio – November 30, 2008
Today on the Ilyce Glink Show, Ilyce reviewed President-elect Obama's economic team selections and his plans to create 2.5 million jobs over the next two years. On news of more bailouts, lower consumer spending and slugging auto sales, she also reviewed shopping's big day, Black Friday, and prepared for Cyber Monday. Ilyce answered questions about paying off property, cashing out a 401(k) to pay off a house, concerns about over-priced real estate, wages garnered for a debt never incurred and what to do with an $180,000 inheritance. To find out more, tune into the show. 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. Subscribe to her YouTube channel: www.youtube.com/expertrealestatetips and friend her to be notified about new videos.