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 [...]
