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.
Law May Override Inadequate Estate Planning
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.
Transfer On Death Deeds Help Avoid Probate
A Florida homeowner asks whether she can avoid probate for her estate by using transfer on death (TOD) deeds. 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 (TOD) deed so that her son avoids probate? Florida does not support TOD deeds for real estate but she can consult an estate attorney for help with probate laws and possibly setting up a trust.
Will Supersedes Quit Claim Deed
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.
Estate Planning Ensures Inheritance Wishes Met
When you have real estate assets and you want to leave them as an inheritance to certain family members, it's crucial to do estate planning. Not having your wishes in writing can put the real estate (or sale proceeds) at risk of getting into the wrong hands. Thorough estate planning ensures that the people you want inherit your estate. Without estate planning, the laws of your state govern your estate when you die.
Selling Inherited Property
If a property is transferred on death the tax basis is the value of the property on the day of the transfer. If the new owner sells the property right away she will pay no tax. If the estate is larger than the current amount one can pass down tax-free, the estate would pay any taxes owed, not you.
Quit Claim Deed Means Giving Up Ownership Rights
When you sign a quit claim deed you're giving up your ownership rights to that property. If the person who has the remaining ownership rights dies, his or her heirs will inherit the property. Former spouses who sign quit claim deeds give up all rights to those properties. Learn about some possible inheritance scenarios after quit claim deed has been signed.
How To Evaluate Home Inheritance Options
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.
Quit Claim Deed Gives Up Marital Rights To Real Estate
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.
Consult Attorney To Document Property Ownership
When elderly parents own a home and one of them passes away, it may put the home's ownership into question. How can the surviving parent and children ensure the home ownership is fair? Consult with an attorney to document the home ownership in a way that takes into account all family members.
Taxes On Inherited Home Sale
If you inherit a home, you would pay tax on the difference between the value of the home at the time the owner died and the sales price of the home when you sold it. You know the sales price for the home, but you may or may not know the value of the home at the time the owner died. Generally, if the property is sold within a year of the time of death, that sales price is a good indication of the value of the home.