Inheriting property in a trust is far easier than going through probate. Q: My dad owns a duplex. He lives upstairs and rents the downstairs unit. He wants me to inherit the property after he dies. Should we transfer ownership of the property by will or by adding me to the deed? I understand all [...]
Splitting mortgage payments with parents. This reader wants to know how to minimize tax implications and how to protect their later inheritance. Q: I have been discussing assisting my father with his mortgage now that he is retired. We have decided on a 60/40 split of the monthly payment, and I’ll pick up the larger [...]
Should you add a child’s name to your property title? Pros and cons of adding a child as co-owner to avoid going through probate to inherit property. Q: I just read your column giving suggestions to an elderly mother who wanted to make sure her daughter received her home at death without probate. I'm a [...]
What happens if you inherit a house with a mortgage? These readers want to know what to do if the mortgage exceeds the value of the property. Q: My husband's stepmother added him to the title to her home prior to death. She added him as a joint tenant with rights of survivorship. We understand [...]
What happens to my timeshare after my death? Scammers will try to convince you that your children will be responsible, but is that really the case? Q: I just read your article about considering fees and finances before inheriting a timeshare. As a timeshare owner who cannot sell or give his timeshare away (because, as [...]
While you can’t always predict future tax liability on investment property, here are issues that many real estate investors struggle with when structuring an inheritance. Q: We have a rental property (titled in the name of our trust) which shall pass to our three sons upon our deaths. When our sons sell the property [...]
What can I do about inheriting property that has a mortgage? This reader wants to know if they can execute a quitclaim deed to absolve themselves of mortgage payment responsibilities. Q: I have inherited a 25 percent interest in a home along with three other siblings. I do not want my 25 percent and want [...]
