Property is anything you own, whether it’s land, a house, electronics, a car, or collectibles. Learn more here about buying and selling property, taxes, and protecting your assets.
When a loved one must be moved to a care facility, there are ways to leverage their property in order to afford the high cost. Q: My father has Alzheimer’s and I have power of attorney over his home. Due to the past hurricane damage, the home is in need of major repairs, everything from [...]
Investing in overseas real estate is a strong draw right now. You can buy real estate in prime locations along the beach with stunning natural views or in cultural meccas in foreign countries for much less than in the United States. Some international markets are experiencing rapid growth, so there’s a stronger chance of a return [...]
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.
When you deal with a parent's affairs, you should keep in mind that you might need to have two documents at hand to help them out. One document is a power of attorney for health care and the other document is a power of attorney over the parent's finances. If you have a power of attorney over the parents financial matters, make sure you understand what you should do and shouldn't do. You usually won't see problems with siblings and even parents if you use the parent's money directly for the parent's care and well being. But if you decide to sell your parent's home, you should make sure you have the right to do that and you should discuss the matter with your siblings and an estate planner.
When deciding how to pass on property to loved ones, there are many choices. You can transfer property now using a quit claim deed. You can transfer property later using a will. Or, you can place your property in a living trust now and set forth your wishes for the disposition of your property in the trust. The living trust can then dispose of your assets upon your death avoiding probate court requirements and you can control the property you own while you are living.
If you're eager to sell your home in a tough housing or real estate market you may want to try an auction. Unlike lotteries, which are illegal, using an auction is an acceptable way to quickly sell your home. To auction your home you need to use a real estate auction company or a website such as eBay.
When divorce happens, one spouse will often buy out the other spouse's interest in a property and will then own the property at the same cost basis at which the couple originally bought it. Some property buyers may think that the cost basis would increase and if they went to sell the property they'd pay lower taxes, but that's not the case. When parties decide to divorce and there's a property transfer it's useful to consult an accountant to understand the tax implications of transferring a property with a certain value.
What's the effect of a foreclosure on a property lien? If you have a lien on a property and the bank forecloses do you lose your claim to that property? It depends on your state's laws regarding liens and foreclosure. The mortgage lender also has a lien on the property and once the property is sold you may lose your lien, even if a court issued a judgment in your favor.